Fannie Mae or Freddie Mac

[Rosecafe]

Hello everyone,

Does having your loan owned by either Fannie or Freddie help your chances for a loan mod? Fannie Mae owns mine (confirmed on website and by B of A).

Thanks,
Rose

[HereinNY]

I had Fannie Mae. They did not offer a great modification.

[Skipper]

Originally Posted by HereinNY

I had Fannie Mae. They did not offer a great modification.

Did you qualify for HARP or HAMP?

Skipper

[Melanie702]

Originally Posted by Skipper

Did you qualify for HARP or HAMP?

Skipper

Ginne Mae here. Haven't heard anyone who's gotten a MOD with them yet.

[AzGryffindor]

I'd have to say that having a Fannie or Freddie loan definitely helps your chances of getting a mod since any financial institution that is servicing either investor MUST participate in the MHA programs.

Also, those who have Fannie can have a negative NPV value and still obtain a mod.

[Rosecafe]

Can someone explain negative NPV value?

Thanks,
Rose

[ama125]

Originally Posted by Rosecafe

Can someone explain negative NPV value?

Thanks,
Rose

NPV is net present value. Your loan will be put to this test. It calculates the cost of foreclosure vs cost of loan modification. The purpose is to determine which scenario is more cost effective for the lender/investor. If the modification is more cost effective, the loan passes the test and is deemed NPV positive. If the foreclosure is more cost effective, the loan fails the test and is deemed NPV negative. Here's a link that further explains the test with a link to a worksheet you may use (but as noted it is not the same exact one the servicers are using).

Anyone offered Trial Payment Period?