Fannie Mae mortgage relief options for Dallas, Texas area
The local “Fannie Mae Mortgage Center in Dallas” model from the housing crisis era has largely faded - the local help centers not longer exist. However many of its core goals live on through national Fannie Mae supported loss mitigation programs as well as other local Dallas programs that help people with their Fannie Mae backed/owned mortgage as noted below.
Common types of programs from Fannie Mae that also apply to Dallas homeowners
If you face financial hardship with a mortgage that was sponsored by Fannie Mae, whether due to job loss, medical costs, or other struggles you may be eligible for help. Common programs include forbearance, a repayment plan, reinstatement, or even modification to your mortgage terms along with different mortgage assistance programs for a hardship we have listed. You have access to a range of resources managed through your mortgage servicer under Fannie Mae’s servicing guidelines with more information on programs here https://yourhome.fanniemae.com/get-relief/options-to-stay-in-your-home.
Under a forbearance plan, your mortgage servicer can agree to pause or reduce payments temporarily, giving you breathing room during short-term hardship. If you can resume full payments and repay missed amounts, you may reinstate the loan.
If your financial hardship is more sustained, such as a more meaningful impact to income, a home loan modification may be available. A modification could change your interest rate, extend your loan term, or otherwise rework the mortgage to lower your monthly payment. Many borrowers approved for a trial modification may qualify for free financial counseling for up to 12 months. Learn more about what home loan modifications involve and the concept.
In disaster cases like storms, floods, tornadoes in northern Texas or other qualifying events Fannie Mae’s disaster protocols are options. The government backed entity may allow extended forbearance, deferral, or restructuring.
Local homeowner counseling remains a core support for Dallas TX area homeowners. The Dallas County Home Loan Counseling Center offers foreclosure and loss-mitigation counseling. They help people get back on track with their mortgage and can be reached at 214-819-6060; program information is at https://www.dallascounty.org/departments/dchhs/human-services/home-loan.php.
Other HUD counseling is available in Dallas County. The centers focuses on people who have loans held by Fannie Mae (which is the majority of mortgages) but they may be able to direct a homeowner to other local resources if you do not meet this condition. Bring forms, details on your current mortgage and financial condition. Click here to find more details on other Texas HUD foreclosure agencies.
Former Dallas Fannie Mae mortgage center and historic content
Note Fannie Mae does not deal directly with borrowers or issues their own loans - they work with lenders. Fannie Mae once partnered with local nonprofit housing agencies in Dallas and Tarrant County. They worker with organizations such as Tarrant County Housing Partnership and the North Texas Housing Coalition to host a “Mortgage Help Center.”
At that center homeowners with loans held by Fannie Mae could meet face to face with counselors in English or Spanish, call or email, and get foreclosure prevention guidance. The counselors evaluated financial and mortgage details and explained available options, including federal programs, lender solutions, budgeting help, and document collection.
The center also helped homeowners contest predatory loans, scrutinize loan legality, coordinate with banking institutions, and expedite responses. Homeowners were encouraged to call early, before falling behind on payments. The help center contributed to Dallas-area nonprofit outreach to Fort Worth and surrounding counties.
Related Content From Needhelppayingbills.com
|
