National mortgage lender Fannie Mae is increasing the amount of assistance they provide in the Atlanta Georgia area. They have opened a new mortgage help center that will provide free foreclosure and housing counseling to homeowners who are struggling to make ends meet, and for people who are having difficulty with paying their mortgages on time.
The facility is formally known as the Atlanta Mortgage Help Center. There are several local non-profits and other agencies that are partnering together in this project. Fannie Mae is working closely on this initiative with A Financial Education and Training Institute, Inc., Forest Park-based The D&E Group, various national major mortgage servicers, the state of Georgia, and community and civic leaders from across the region and Atlanta.
The Fannie Mae Mortgage Help Center, and other non-profit agencies and centers like it around Atlanta, offer families with free foreclosure counseling, information on mortgage programs and the tools necessary to help a homeowner either avoid a foreclosure or stop one that may be in progress. Among other services available will be free access to high quality housing counseling and in-person resolution of the individuals particular mortgage circumstances.
Numerous housing and mortgage counselors will provide borrowers with a full range of services and assistance programs. Specifically, some of the services and programs that will be offered include reviewing a borrower's loan, advising borrowers on assistance programs from banks and lenders, collecting the required documents and information to help people apply for the federal government Making Home Affordable Program, discussing foreclosure alternatives, and providing help to homeowners to assist them with finalizing any pending loan workout efforts. In addition, The D&E Group as well as Fannie Mae will provide clients with information and clarify expectations for the foreclosure prevention process.
Dedicated onsite English- and Spanish-speaking staff will be available at the Atlanta Mortgage Help Center, and these experienced housing counselors will be able and empowered to discuss the borrowers mortgage situation. Many studies show communication, and face to face meetings, are most effective. So to meet that end, these face-to-face meetings will help borrowers and Atlanta area homeowners better understand the range of foreclosure prevention options and solutions that are available to them and help them to better manage their relationship with their lender, bank, or servicer.
In addition, it is unfortunately true that not everyone can be helped, and that some people’s financial situation has changed so much that it is impossible for them to stay in their home. In these cases, for those homeowners who do not qualify for a loan modification or other solution to their housing problem, mortgage counselors will work with the homeowner and loan servicer to help both parties arrange a graceful exit from the property. They can direct homeowners to other Georgia HUD foreclosure agencies as well. From time to time this may even include include financial assistance to help pay moving and relocation costs so the person can get settled into a new home or apartment.
Currently, the Atlanta center is only for borrowers who have a mortgage held by Fannie Mae, which luckily is a large percentage of home loans. Homeowners can determine if Fannie Mae is their servicer by contacting Fannie Mae at 1-800-7FANNIE. Call to determine this. In addition, the mortgage help center is available by appointment only and borrowers wishing to schedule a visit should call (866) 442-8573 to make an appointment.
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