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National
Assn of Realtors, 6-17-09
What Should You Do
If You Think a Servicer Isn’t Following the
Making Home Affordable Program
Guidelines
Members have called NAR
asking what to do if they think that servicers
are not following the guidelines for the Obama
Administration’s Making Home Affordable Program
for modifying eligible mortgages and
refinancing Fannie Mae and Freddie Mac
mortgages. Here are the recommended steps to
take:
1) First, go to
www.makinghomeaffordable.gov,
the official Treasury website for the Making
Home Affordable Program. At the site,
determine whether the loan is owned or
guaranteed by Fannie Mae or Freddie Mac by
clicking “Loan Look Up” on the ribbon on the
top of the home page. Only the holder of the
loan is allowed to perform this , so do in
the presence of your client or after
obtaining their written permission.
If the loan is a Fannie Mae
or Freddie Mac loan, call (1) 1-800-7Fannie or
(1) 1-800-Freddie, as appropriate, describing
the specific inconsistency. Do this whether the
issue relates to the refinancing or the loan
modification program.
2) Next, if the
loan is not owned or guaranteed by Fannie Mae
or Freddie Mac you can determine if the
servicer is participating in the Home
Affordable Modification Program (HAMP) by going
to the website and clicking “Contact Your
Mortgage Servicer” on the top ribbon. To date,
16 servicers are participating, covering more
than 80% of all mortgages.
If the servicer is
participating, the first step is to contact the
servicer using the phone number or email
address listed on the site so you can appeal
the issue to a supervisor. Be sure to identify
the specific provision of the guidance that you
believe is not being followed. If the
supervisor cannot or will not correct the
problem, call 1-800-7Fannie to report the
disagreement. Fannie is administering the
program for the Treasury Department and will
work to resolve the issue.
Making Home Affordable
Program Website (consumer friendly)
www.MakingHomeAffordable.gov
Site for Detailed
Information on Making Home Affordable and Other
Government Programs
www.FinancialStability.gov
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