Ask the Expert Section, we recently received the following question from Jack, he asks, "I've been considering doing a short sale on my Knoxville home for awhile now. But, have been concerned that it could be more effort than its worth in my case. I've managed to stay current on my payments, but had difficultly over the past year because I took a significant pay cut at work. I've heard that short sale guidelines were recently updated which make the process quicker and make it easier for those who are current on their payments. I've also heard it only applies to certain loans. So, how exactly do I know who owns my loan?" Jack, you ask a very valid about the new short sale guidelines that went into effect on November 1. The new guidelines only apply to loans that are owned by Fannie Mae and Freddie Mac. The thing that can be confusing about this is that who services your loan and the investor that actually owns you loan can be two different people. Your loan servicer is probably the one that is most familiar to you. After all, they are the one you send you monthly check to and who you receive your statement from. Your servicer, though, does not own your loan, they just do administrative work for the investor. The investor is the actual note holder are the one that truly owns your loan. More than likely, though, either Fannie Mae or Freddie Mac is the investor on your loan, as they own roughly 90% of the residential mortgages. To determine if Fannie Mae owns your loan, visit their website. To determine if Freddie Mac owns your loans, visit their website. Are you curious about what options you have to avoid foreclosure on your Knoxville home? If so, do not hesitate to give me a call today at 865-696-9002 or send an email to [email protected]. My team and I specialize in helping Knoxville homeowners explore their alternatives to avoid foreclosure and all of my services are done at no cost to you.