Frequently Asked Questions
Fannie Mae is committed to helping homeowners remain in their homes. We work with mortgage companies (i.e., mortgage lenders and servicers) and housing counselors to help homeowners who may be experiencing hardships. For more information, visit www.fanniemae.com.
If your loan is owned by Fannie Mae, find the Mortgage Help Center location closest to you and click "Make Appointment." All services offered by the Fannie Mae Mortgage Help Centers are FREE. Click here to make an appointment with a Fannie Mae Mortgage Help Center.
No. Fannie Mae does not offer loans directly to consumers. Contact your mortgage company to determine if you qualify for a refinance. If your loan is owned by Fannie Mae, ask your mortgage company if you are eligible for the government's Home Affordable Refinance Program (HARP). Find mortgage company contact information in your mortgage coupon book or monthly mortgage statement.
Contact your mortgage company as soon as you can—even if you haven't missed a payment but think you might in the near future. Find contact information for your mortgage company in your mortgage coupon book or monthly mortgage statement or click here to search for your mortgage company.
You can also discuss your situation with a Fannie Mae Mortgage Help Center (if your loan is owned by Fannie Mae) or you can contact the Homeowners HOPETM Hotline at 1-888-995-HOPE (4673).
Your mortgage company or a Fannie Mae Mortgage Help Center can help you understand the specific options available to you, which could include a short-term solution to help you get back on your feet or a long-term solution to modify the terms of your mortgage. Be sure to review possible options here so you can have an informed discussion with your mortgage company.
The sooner you call your mortgage company or a Fannie Mae Mortgage Help Center, the more options that may be available to help you avoid foreclosure. Be sure to review possible options here so you can have an informed discussion with your mortgage company. Contact information is on your monthly mortgage statement or coupon book. If you are unable to reach your mortgage company or prefer speaking with a housing counselor, contact the Homeowners HOPE™ Hotline at 1-888-995-HOPE (4673).
If your home has already been foreclosed and transferred to Fannie Mae, your ability to regain your home may vary depending on the state in which your home is located. If you have been contacted by an eviction attorney, please reach out to the attorney as soon as possible to let them know you wish to regain your home. Otherwise, if the property has been listed for sale, contact the real estate agent who is handling the listing. If you are unable to contact the eviction attorney or listing agent, contact the Fannie Mae Mortgage Help Center nearest you.
Your mortgage company may require you to pay the difference between what your foreclosed home sold for and what you owe on it. (This amount is sometimes referred to as a deficiency. Although for properties located in some states, the law restricts or does not allow the mortgage company to maintain an action against you for a deficiency.) That's why it's important to begin working with your mortgage company before the property reaches foreclosure. By doing so, you may have other options available to you, such as a Short Sale or a Deed-in-Lieu of Foreclosure, which may be able to help you avoid foreclosure and resolve/settle your mortgage delinquency.
You would only get money back if the property is sold at a foreclosure sale where the purchaser is a third party (that is, a party other than the mortgage company) and the purchaser bids more than is required to pay your indebtedness in full (as well as paying off any other liens, such as judgment liens and a second mortgage). If your mortgage company acquires the property during the foreclosure sale, any gain from a later sale would go to the mortgage company.
If you are foreclosed upon, your rights to occupy the property will be governed by local and state law, but your lender will likely start eviction proceedings quickly. Always check with your mortgage company on any options that may be available, such as the potential to lease the home or relocation assistance.
No. There are options available that may help you avoid foreclosure, so walking away from your property is not a good choice. If you are no longer able to afford your mortgage and would like to leave, you may be eligible for a Short Sale or a Mortgage Release (Deed-in-Lieu of Foreclosure). Or you may be able to lease the property for a period of time with the Mortgage Release program. If you abandon your property, you may not qualify for assistance and you will not be able to get a Fannie Mae mortgage to purchase a home for at least 7 years.
Foreclosures are very damaging to your credit and may impact your credit rating for as long as seven to ten years. A foreclosure can make it difficult to get a loan for a future home purchase or college expenses, get a major credit card, or it may even potentially affect future employment (many employers screen for credit as a part of a background check). In addition, when you are able to get credit, your interest rates will likely be higher. Avoid foreclosure—speak to your mortgage company, contact a Fannie Mae Mortgage Help Center, or call the Homeowner's HOPE™ Hotline at 1-888-995-HOPE (4673).