KANSAS CITY, MO -- You probably know who your lender is, but did you know that you may also have a servicer? That's because your lender doesn't always hold your loan and service it until you pay off or sell your home. Loans and the right to service them are bought and sold.
The servicer typically collects your loan payment each month and credits your account. They may also handle your escrow if you have one. This typically covers your insurance and tax payments.
The Making Home Affordable Program
refinance program allows you to get a better interest rate, however, it's only for Fannie Mae and Freddie Mac loans. There is an online tool
to help you find out if you have a Fannie or Freddie Loan. You can also call 1-800-7FANNIE or 1-800FREDDIE.
Copyright 2009 The E.W. Scripps Co. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.