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 mooreferree
Joined: 28 Nov 2008
Posts: 1
1.29 Dollars($)
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 Posted: Fri Nov 28, 2008 1:09 pm Post subject: Mortgage cancellation by Fannie Mae? |
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| If I have a mortgage that was bought by Fanniie Mae and I am current(not in default) can they re-evaluate the mortgage and cancell it? |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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carlpruitt
Joined: 09 Nov 2008
Posts: 43
Location: Buford, GA
21.09 Dollars($)
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| Posted: Sat Nov 29, 2008 10:31 pm Post subject: |
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If you are not in default, and you are not in bankruptcy, the terms of the loan are guaranteed by the note you signed at the closing of the loan and cannot be changed except according to those terms. Escrow amounts included in your payments can change over time as tax and insurance payments go up or down.
Keep in mind though that many notes for home equity lines do allow the lender to change them or cancel them. FNMA is not generally involved in this type loan.
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Carl Pruitt
FHA Loan Advice
3 Power Tips For Writing Effective FHA Credit Explanation Letters
FHA Bankruptcy Guidelines |
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banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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| Posted: Sun Nov 30, 2008 10:40 am Post subject: |
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The terms are guaranteed if you the borrower didn't misrepresent themselves on the loan. Fannie Mae and Freddie Mac pull credit after obtaining the loan. This maybe 3-4 months after you're making payments.
They are starting to verify 4506ts to make sure the borrower didn't lie on the loan documents. If they did lie about anything then the lender can call your note due in full
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Mortgage Refinance
Loan Modification
North Carolina Mortgage Rates |
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