The Borrower Help Network is a new service from Freddie Mac that provides assistance to borrowers. The program’s goal is to help homeowners who are struggling and provide them with options, regardless of where they live in the country. Freddie Mac is partnering with several national and local non-profit organizations and counselors as part of this program.
Other non-profit organizations that are taking part in this include the National Urban League and its chapters in Broward County, FL and Hampton Roads, VA, as well as NCLR and members of its Affiliate Network – Southwest Housing Solutions in Detroit and New Economics for Women in Los Angeles. The Metroplex Economic Development Corporation (located in Dallas), the Korean Churches for Community Development, and Boat People SOS (which has 15 branches across the country working with Vietnamese Americans) are all participating in Freddie Mac’s Borrower Help Network program.
Organizations are launching a national phone and letter campaign to contact delinquent Freddie Mac borrowers who have stopped responding to other forms of communication from their lenders. The solution being offered includes free holistic counseling, free foreclosure prevention advice, and help for borrowers to explore and understand all of their mortgage modification options and other resources.
This counseling will be very thorough. In addition to providing a streamlined loan modification process, counselors will offer advice and resources on how to prevent a foreclosure. There are many other problems that need to be addressed, such as healthcare, education, and employment. The financial counseling and advice provided will not only be limited to mortgage issues, but will also include an assessment of the homeowners’ debt and any other credit issues they may have. They will help improve credit ratings and scores for homeowners. By helping someone get their finances in order, you increase the chances that they will be able to keep their home.
Freddie Mac foreclosure prevention success rate
If a borrower is in danger of foreclosure, they are more likely to be able to keep their home if they reach out to counselors for help early on in the process, according to a recent study.
The Borrower Help Network will also help connect borrowers with Home Retention Services so they can get a mortgage modification or other foreclosure alternative.
So far, Freddie Mac has helped around 250,000 homeowners using different programs like reducing how much they owe on their mortgage, the government Home Affordable Modification Program, and other things they can provide. Make sure to keep in touch with your lender or bank if you think you might have trouble making mortgage payments.
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