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Is my loan owned by Fannie Mae or Freddie Mac, and what help can I get?

You can check for free online in a few minutes. If Fannie Mae or Freddie Mac owns your loan, your servicer can review you for options like a repayment plan, a payment deferral, or a Flex Modification, which can change agreed terms of your loan. A lower payment is not guaranteed. These options are free. You ask for them through the company you pay each month.

By Guillermo Serafin, broker and owner of Serve First Realty. Updated October 2026.

Why does it matter who owns my loan?

The help you can get depends on who owns or insures your loan. It could be FHA, VA, USDA, Fannie Mae, Freddie Mac, or a private lender. The company you send payments to is your servicer. It may not be the owner. Many California home loans are owned by Fannie Mae or Freddie Mac, and both have their own set of options.

How do I find out if Fannie Mae or Freddie Mac owns my loan?

What options do Fannie Mae and Freddie Mac offer?

Both offer these choices through your servicer. There is no fee.

  • Forbearance: a short time with lower or paused payments.
  • Repayment plan: you pay an agreed extra amount each month for a set time until you catch up. The extra amount can be large.
  • Payment deferral: missed payments move to a balance with no interest, due when you pay off the loan. For Freddie Mac, the loan must be at least 12 months old.
  • Flex Modification: a change to your loan to help make the payment affordable.
  • Short sale: you sell for less than you owe, with the lender's approval.
  • Deed in lieu: you give the home back to the lender. Fannie Mae calls this a Mortgage Release.

What is a Flex Modification?

A Flex Modification is the main loan modification for Fannie Mae and Freddie Mac loans. It changes the terms of your loan so the monthly payment can fit your budget better. Starting December 1, 2024, the agency that oversees Fannie Mae and Freddie Mac made it better, including a target payment cut for borrowers who qualify. Your servicer decides if you qualify and what your new terms will be. No one can promise you a set amount.

How do I ask for a Flex Modification?

  • Call your servicer. Ask for an application for mortgage help, and ask about a Flex Modification and payment deferral by name.
  • Send a complete application as early as you can. Use our loan modification checklist.
  • Ask for your single point of contact. California law gives you one when you ask for help.
  • Keep copies and proof of everything you send. Our servicer call log can help.
  • Know your timing. For loans covered by California law, if your servicer receives a complete application at least 5 business days before a scheduled sale, the servicer generally cannot take certain foreclosure steps while it is pending. Under federal rules, a complete application received more than 37 days before a sale generally must be reviewed within 30 days. Applying does not always stop a foreclosure, sending papers to anyone other than your servicer does not count, and applying again does not always restart the protection. Read more in our guide on how an application can pause foreclosure.
  • If you are denied, you get written reasons and a chance to appeal. Generally you have at least 30 days to appeal in California.

Where can I get free help?

  • Call a free HUD-approved housing counselor at 800-569-4287.
  • Call the free HOPE Hotline at 888-995-4673.
  • Hit by a disaster? Fannie Mae offers disaster counseling at 855-437-3243.
  • Never pay anyone up front to get you a modification. California generally prohibits charging homeowners for loan modification or forbearance help before every promised service is fully done, and federal law adds more payment conditions. A real estate license does not create an exception. See our scam red flags guide.

General information, not legal advice. Sources: Fannie Mae and Freddie Mac homeowner help pages (checked October 29, 2026); California Civil Code sections 2923.6, 2923.7, and 2944.7; and 12 C.F.R. section 1024.41.

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IMPORTANT NOTICE

Serve First Realty is not associated with the government, and our service is not approved by the government or your lender.

Even if you accept this offer and use our service, your lender may not agree to change your loan.

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