Fannie Mae mortgage assistance programs in the Los Angeles CA area
If your mortgage is owned or guaranteed by Fannie Mae, it is possible to get help in Los Angeles through your mortgage servicer following Fannie Mae’s loss mitigation policies. As the old Fannie Mae Mortgage Help Center in Los Angeles was a face-to-face resource during the first decade of the 2000s. That model is no longer active in the same way, but many of its goals live on through other mortgage relief tools for LA residents and updated Fannie Mae servicing rules, all of which are noted below.
One of the first things to see if your loan is owned or guaranteed by Fannie Mae, then your loan is subject to Fannie Mae’s servicing and modification rules (such as honoring existing loss-mitigation agreements after a sale). Use the free Fannie Mae Loan Lookup Tool: https://www.knowyouroptions.com/loanlookup.
Options for homeowners in Los Angeles County
One key tool is forbearance. Los Angeles area homeowners facing short-term hardship may request an arrangement to reduce or suspend payments for a limited period as Fannie Mae, through the servicer, allows this option in the Los Angeles area.
If the hardship is more prolonged, Fannie Mae offers retention options, with the main one being Flex Modifications. In the Flex Modification process, servicers obtain a recent property valuation (not older than 90 days) and recalculate the mortgage under new terms consistent with Fannie Mae’s guidelines. The goal is to help the Los Angeles homeowner get potentially as much as a 20% reduction in their monthly mortgage payment - both principal and interest.
Other Retention Options are available in LA County too. Fannie Mae’s “Home Retention and Liquidation Workout Options” offered to homeowners includes a full menu. These forms of relief are available both nationwide and in southern California. Website: https://singlefamily.fanniemae.com/servicing/retention-options. As other mortgage relief programs include repayment plans, deferral, modification, short sale, or deed-in-lieu among other options
If your home or finances were impacted by disaster - such as fire, flood, earthquake in southern CA or other qualifying event - you may also access disaster relief protocols. Fannie Mae’s Disaster Help for is also available for homeowners. The mortgage servicers / lenders who hole the mortgage may offer extended forbearance or deferral in those circumstances, including to homeowners impacted by any wildfires in Los Angeles County.
Because Fannie Mae sells or transfers non-performing loans, Fannie Mae mandates that buyers of the mortgage (if yours is “sold”) honor existing loss mitigation agreements. Buyers of non-performing home loans (mortgages) must continue offering eligible borrowers workout options at closing, including loan modifications. This means that whatever assistance is provided by Fannie Mae another mortgage servicer needs to follow those as well.
Counselors in Los Angeles that can help dealing with Fannie Mae
In Los Angeles, homeowners can also get direct help from local HUD-approved counselors who can verify servicer transfers, contact Fannie Mae directly, and ensure workout agreements are still valid. The Los Angeles Housing Department (LAHD) counseling referral line is at 866-557-7368. There are also non-profit credit counselors in Los Angeles that can help provide housing counseling.
Los Angeles residents can also work with HUD-approved housing counselors via Fannie Mae’s portal. Fannie Mae provides free counseling access at 855-437-3243, Counselors can explain options, negotiate with your servicer, and help you submit required paperwork for any type of programs that help provide mortgage relief. Finally, Fannie Mae’s servicing guidelines are continually evolving.
Historic: Los Angeles Fannie Mae mortgage help center (Crisis cra)
Los Angeles homeowners once had access to a physical Fannie Mae Mortgage Help Center, in partnership with West Angeles Community Development Corporation and local civic organizations. The center, located in Culver City, served the greater metro area with on-site housing counseling in English and Spanish. Borrowers could meet one-on-one with advisors who evaluated their financial situation and mortgage, explained foreclosure alternatives, helped collect documents for the Making Home Affordable (MHA) program (Making Home Affordable Program) and guided loan workout efforts.
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