There are now some easy ways to find out if Fannie Mae or Freddie Mac back your mortgage; and that’s the first step in qualifying for a refinance or loan modification under the government’s new program.

As I explained in an earlier scoop the Obama administration recently launched two programs aimed at helping mortgage-stressed homeowners. The administration estimates that as many as 9 million homeowners may be eligible for either the refinance or loan modification programs that are part of The Homeowner Affordability and Stability Plan (HASP)

The big first step in determining your eligibility is to find out who “owns” your mortgage. Both programs mandate that lenders consider borrowers whose mortgages are backed by either Fannie Mae or Freddie Mac. It is hoped that lenders will consider offering the same assistance to other loans as well. And given the financial incentives lenders will receive for the loan modification program I expect many will.

But for now the quickest and easiest path is to know if Fannie or Freddie back your mortgage. And we have some good news here my friends. The government has introduced a quick way to find out if your mortgage is part of either the Fannie Mae or Freddie Mac portfolios.

For Fannie Mae:
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure

I also recommend checking out this government website that can help you understand whether you are a candidate for the HASP refinance or modification programs.