Posted on: 28th Nov, 2008 12:09 pm
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?
Hi mooreferree, and welcome to mortgagefit!
What do you mean cancel the mortgage?
Why would they cancel it, and why would they need to reevaluate it?
thanks
Robert
What do you mean cancel the mortgage?
Why would they cancel it, and why would they need to reevaluate it?
thanks
Robert
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.
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.
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
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