How Can I Find Out if My Florida Mortgage is Federally Backed or Not
With the news that Florida is not protecting homeowners from foreclosure during the COVID-19 pandemic as of October 1st, now the only protection Floridian homeowners have is if their mortgage is federally backed.
Nationwide, nearly half of the mortgages that exist are either owned or backed by Fannie Mae or Freddie Mac. Those that are still have a moratorium in place through December 31, 2020.
So the question is whether that applies to you or not.
How to Find Out If Your Mortgage is Owned or Backed By Fannie Mae or Freddie Mac
There are a few ways to check if you qualify or not. First, you can ask your servicer. Your servicer is obligated by law to provide you (to the best of their knowledge) with the name, address, and telephone number of who owns your loan.
What Happens If Your Mortgage is Not Federally Backed
This is where things get complicated. If you are unsure what your status is, the best option is to contact an experienced foreclosure defense attorney right away. There are options to make a strong defense of your home from the bank, but you have to move quickly in the event that you missed a mortgage payment.
If you don’t respond within 20 days of a Lis Pendens being served to you, you are at risk of a summary judgement against you. And as there is likely to be a large number of foreclosure proceedings filed in the coming weeks and months, the possibility that your bank or lender makes a mistake when filing the paperwork to begin the foreclosure process increases. Having an experienced foreclosure defense attorney in Florida to review your specific situation will give you the best chance of protecting your home.