If you’re interested in refinancing your house right now, it is extremely important that you know who owns your home loan. The fact of the matter is that loans owned by Fannie Mae and Freddie Mac have some very specific refinancing options right now. Figuring out who owns your home loan is the first step in discovering what kind of programs are available to you.

The first place to look is with your mortgage service provider. This is the company that services your loan, and whose name is on the bill every month. You can simply call their customer service department and ask them, “Does either Fannie Mae or Freddie Mac own my home loan?” Try to ask the question in this yes-or-no fashion, as some companies may not answer a more open-ended question such as “Who owns my home loan?”

If you’re unable to make progress with your service provider, you can check directly with Fannie and Freddie. Fannie Mae’s toll free number is 800-732-6643, and they’re available from 8 AM until 8 PM Eastern. Freddie Mac has a similar service, at 800-373-3343.

Why is all of this important? Why do you need to know who owns your home loan? Right now, the Home Affordable Refinance program lets you refinance your mortgage for up to 105 percent of your home’s value, but this program is only available if the loan is owned by Fannie Mae or Freddie Mac.

If you want to refinance your mortgage, start by finding out who owns your home loan today.

While it doesn’t happen to everyone, it’s not entirely uncommon for a consumer to find that they have an error on their credit report. One recent survey suggests that around one in four consumers have an error on their credit report that is serious enough to impact whether they can get credit or not. In some cases, errors on your credit report are easily resolved. In other cases, you may have an uphill battle.

Here are some things to do in order to fix errors on your credit report:

• To start with, you need to prepare for the fact that you might wind up in court. Don’t start with a lawsuit, but be ready to gather information that could impress a judge or jury if it gets that far.
• You should also keep detailed and meticulous records in the process of trying to fix your credit report. Record keeping is your best weapon, especially if your case winds up in court. This means detailing phone calls, letters, etc.
• Professionalism is key, as well. Resist the urge to do anything unseemly when dealing with a credit reporting agency. Be courteous, and keep your emotions in check.
• Remember that a paper trail is easier to prove than a series of phone conversations. Whenever possible, use certified mail to communicate with the credit bureaus and creditors.
• Finally, there are some other things you can try in order to fix the problem. You can hire a credit repair company. You can contact the news media. You can try to contact executives or additional personnel at the credit bureau. If there’s wrongdoing by the credit reporting agency, you can also contact the Federal Trade Commission.

Richard Witter, here!

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