Many people have been asking questions regarding how to handle the situation when they believe that loan servicers are not following the guidelines of the Obama Administration’s Making Home Affordable Program. The Making Home Affordable Program is a program for modifying eligible mortgages and refinancing Fannie Mae and Freddie Mac mortgages.
Below are the recommended steps to take if you believe your servicer is not complying with the program.
1.) Go to www.makinghomeaffordable.gov, the official Treasury website for the Making Home Affordable Program. Once at the site, determine whether the loan is owned or guaranteed by Fannie Mae or Freddie Mac by clicking on the “Loan Look Up” ribbon on the top of the home page. This must be initiated by the holder of the loan.
If the loan is a Fannie Mae, call (1) 1-800-7Fannie or for a Freddie Mac loan (1) 1-800-Freddie. Do this whether the issue relates to the refinancing or the loan modification program.
2.) 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 of the page. As of now, there are 16 servicers that participate which covers more than 80% of all mortgages.
If the servicer is participating, the next 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 Treasury Department and will work to resolve the issue.
Making Home Affordable Program Website