what does investor restriction mean?

If you make your payments to BofA then your servicer is likely Bank of America, if they aren't servicing the loan then they certainly can tell you who is and it should be included on your statement. They are required by law to tell you this information, see the link below for more info:
http://www.hud.gov/offices/hsg/sfh/res/r…

Bank of America should be able to tell you who owns the loan as well the website for the program does state that only loans owned by Fannie Mae or Freddie Mac are eligible for home affordable refinancing, it does not sound like that's the case here and its probably why you don't qualify because you are looking to refinance and you aren't passed due so you don't qualify for the modification program which is a small more flexible. You can check to see if your loan is owned by Fannie or Feddie here:
http://www.makinghomeaffordable.gov/loan…

Thank you for your quick answers. I did check that my loan is through Fannie Mae. My other question is that since I am current on my payments but i feel that my mortgage balance is more than my home is worth, can i still try refinance without a loan modification? Isn't the make home affordable program designed to reward responsible home borrowers? Rates are low and in these tough economic times, if you can save why not?

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Tags: bank of america, bofa, breaking news, brokerage industry, chargeoffs, congressman, coverup, credit card, economic times, Fannie Mae, Fannie Mae HUD, Freddie Mac, home borrowers, HUD, loan modification, loans, merrill, mortgage balance, power player, refinancing, regulators

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One Response to “what does investor restriction mean?”

What are Mortgage Rates Like in Colorado? are They Different? | afcmortgagefl.com says:

July 9, 2009 at 2:57 pm

[...] what does investor restriction mean? :: FHA Loan Rates [...]

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