Fannie Mae Announces New Initiative to Help Struggling Homeowners in Orlando
WASHINGTON, DC – May 6, 2010 – (RealEstateRama) — Fannie Mae (FNM/NYSE) today announced a new partnership that will accelerate response time and provide financial counseling to distressed Florida homeowners whose mortgages are owned by Fannie Mae and serviced by SunTrust.
Under the agreement, the Orlando agency of Consumer Credit Counseling Service of Central Florida and The Florida Gulf Coast (CCCS) will initiate a grassroots mail and telephone campaign focusing on eligible homeowners who are delinquent on their mortgage payments. The goal of the campaign is to help eligible homeowners understand the steps they can take to prevent foreclosure. Homeowners will be encouraged to schedule an appointment to meet with experienced English and Spanish-speaking housing advisors. The counselors will explain the qualification requirements for loan modification programs or other assistance available to them, and help to facilitate an expedited resolution.
“This partnership with CCCS is the latest step in our effort to expand national foreclosure prevention assistance programs in hard-hit markets around the country,” said Terry Edwards, Fannie Mae’s Executive Vice President, Credit Portfolio Management. “It is important for homeowners who are struggling with their mortgage to access free assistance. We are finding many borrowers are paying third-parties for services that are free if they connect with their servicer.”
CCCS will assist each qualifying mortgage holder with organizing the documentation necessary to complete a loan modification under the Obama Administration’s Making Home Affordable Program, or other programs, and submit the information directly to the servicer. Additional monitoring services will be provided to homeowners who enter into a trial modification to ensure that they submit any outstanding information required by the servicer in a timely manner, with the goal of successfully transitioning the homeowner into a permanent modification. If the borrower is unable to qualify for a modification, counselors will work with the servicer and the borrower to arrange a graceful exit from the property, which may include assistance with relocation costs.
Assistance is only for homeowners who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae can contact the Homeowner’s HOPE™ Hotline at 888-995-HOPE.
Assistance is available by appointment and borrowers wishing to schedule a visit should call (800) 864-9481 ext. 6233.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
Established in 1974, Consumer Credit Counseling Service of Central Florida and the Florida Gulf Coast (CCCS) is a 501(c)3 nonprofit community-service agency that provides confidential budget counseling, money management education, debt management programs, bankruptcy counseling and education, and comprehensive housing counseling. Headquartered in Orlando, CCCS has 17 offices. The agency is HUD-approved, a United Way partner, accredited by the Council on Accreditation, a Central Florida WAGES partner and is a member of National Foundation for Credit Counseling (NFCC).
Contact:
Fannie Mae Resource Center Telephone 1-800-7FANNIE
(1-800-732-6643)
