The Borrower Help Network has been launched by Freddie Mac. The goal of the program is to help struggling homeowners and provide them with option, no matter where they live across the country. Several national and local non-profit organizations and counselors are partnering with Freddie Mac as part of this program.
Some of the participating non-profit organizations include the National Urban League and its chapters that are located in Broward County, FL and Hampton Roads, VA, NCLR and NCLR Affiliate Network members - Southwest Housing Solutions in Detroit and New Economics for Women in Los Angeles. In addition, the Metroplex Economic Development Corporation, which is located in Dallas, Korean Churches for Community Development and Boat People SOS, which works with Vietnamese Americans through 15 branches across the country, are also participating in Freddie Mac's Borrower Help Network program.
Together these organization are launching a national phone and letter campaign that will be trying to contact all delinquent Freddie Mac borrowers who have stopped responding to other forms of communication from their lenders. As part of the solution being offered, mortgage counselors will provide free holistic counseling, free foreclosure prevention advice, and they will help borrowers explore and understand all of their mortgage modification options and other resources that are at their disposal.
The counseling offered will be extensive. In addition to providing a streamlined loan modification process, counselors will offer advice and resources on how to stop a foreclosure. But it just doesn’t stop with housing issues. Financial counseling and advice being provided goes beyond mortgage issues and it will also include an assessment of the homeowners debt and any other credit issues the person may have. They will also help to repair and improve credit ratings and scores of homeowners. Studies show that by helping someone get back on a solid financial footing, that these people are more likely to be able to keep their home over the long term.
The facts show if a borrowers reaches out to counselors and if they ask for assistance early in the foreclosure process, they are 60 percent more likely to keep their homes, according to a recent study from NeighborWorks America.
The Borrower Help Network also will work with Home Retention Services to connect borrowers with their servicers for a mortgage modification or other foreclosure alternative.
To date, Freddie Mac has assisted almost 250,000 homeowners through a wide variety of programs including mortgage principal reduction, the government Home Affordable Modification Program, and other tools they can offer. It is very important to always contact your lender or bank as soon as you think you may need help with paying your mortgage.
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