Here is the question:

Christina asks:

“I have a mortgage with Carrington Mortgage Services LLC, but am behind on my payments. With this government bailout, can I get help?

The problem is that I do not know who the backers of Carrington are. When I called and asked if they were part of Freddie or Fannie, I was told they could not provide me that information.

I need help.”

My answer:

Christina,

They were telling the truth. Carrington is a subprime mortgage servicer so none of the loans they service would be insured by Fannie or Freddie. It is impossible to determine your actual lender and BTW, unnecessary at this point if you only seeking a loan modification.

Loan mods are negotiated with the servicer, in this case, Carrington. So, get their loan mod paperwork, fill it out, and return it. Make a few copies of the complete package before you send it in as they will “lose it” as a stall tactic many times. Folks on this website report having to resend they loan mod request 6-7 times before being successful.

The Obama plan which which went into effect on March 4th, is supposed to give servicers $1,000-$2,000 as incentive to start executing more loan mods, but only time will tell if that’s incentive enough. Either way, keep at it. Call everyday of every other day to get status or find out they “lost” it. Start again and keep at it.

To learn more about why Carrington or any other subprime mortgage servicer can’t tell you who your lender is, read this.

Thanks for the question!

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