The vignette puts this in more visual terms, but most importantly, talk to your lender about specific loss mitigation options if you fall behind on a conventional loan. Work directly with him or her to request a “workout packet.”
A secondary lender, like Fannie Mae or Freddie Mac, may have purchased your loan. Your lender can follow the appropriate guidelines set by Fannie or Freddie to determine the best option for your situation.
Fannie Mae does not deal directly with the borrower. They work with the lender to determine the loss mitigation program that best fits your needs, should you fall behind on a conventional loan.