Fannie Mae
announced Thursday that it has entered into a new
partnership with the Orlando agency of Consumer
Credit Counseling Service of Central Florida and the Florida Gulf Coast
(CCCS) in order to accelerate response time and provide financial counseling to struggling Florida homeowners whose
mortgages are owned by Fannie Mae and serviced by SunTrust.
Under this partnership, CCCS will initiate a grassroots mail and telephone
campaign focusing on eligible homeowners who are delinquent in their
mortgage payments. Fannie Mae said the goal of this campaign is to help
these homeowners understand the steps they can take to prevent foreclosure. Once contacted, homeowners will be encouraged to schedule an appointment to
meet with experienced English- and Spanish-speaking housing advisors. These
counselors will explain the qualification requirements for loan modification
programs and help facilitate an expedited resolution. CCCS will then assist each qualifying mortgage holder with organizing the
documentation necessary to complete a loan modification under the
administration's Making Home Affordable Program or other programs, and this
information will be directly submitted to the servicer. Homeowners who enter a trial modification will receive additional monitoring
services to ensure that they submit any outstanding information required by
the servicer in a timely manner. And if a homeowner is unable to qualify for
a modification, counselors will work with both the servicer and borrower to
arrange a "graceful exit" from the property, which may include assistance
with relocation costs, Fannie Mae said. "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 EVP of credit
portfolio management. "It is important for homeowners who are struggling
with their mortgage to access free assistance."
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announced Thursday that it has entered into a new
partnership with the Orlando agency of Consumer
Credit Counseling Service of Central Florida and the Florida Gulf Coast
(CCCS) in order to accelerate response time and provide financial counseling to struggling Florida homeowners whose
mortgages are owned by Fannie Mae and serviced by SunTrust.
Under this partnership, CCCS will initiate a grassroots mail and telephone
campaign focusing on eligible homeowners who are delinquent in their
mortgage payments. Fannie Mae said the goal of this campaign is to help
these homeowners understand the steps they can take to prevent foreclosure. Once contacted, homeowners will be encouraged to schedule an appointment to
meet with experienced English- and Spanish-speaking housing advisors. These
counselors will explain the qualification requirements for loan modification
programs and help facilitate an expedited resolution. CCCS will then assist each qualifying mortgage holder with organizing the
documentation necessary to complete a loan modification under the
administration's Making Home Affordable Program or other programs, and this
information will be directly submitted to the servicer. Homeowners who enter a trial modification will receive additional monitoring
services to ensure that they submit any outstanding information required by
the servicer in a timely manner. And if a homeowner is unable to qualify for
a modification, counselors will work with both the servicer and borrower to
arrange a "graceful exit" from the property, which may include assistance
with relocation costs, Fannie Mae said. "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 EVP of credit
portfolio management. "It is important for homeowners who are struggling
with their mortgage to access free assistance."
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