Today, the Minnesota Home Ownership and Fannie Mae announce a partnership that really is a game-changer. This new partnership will accelerate the response time for struggling Minnesota families with loans that are owned by Fannie Mae.
Homeowners that are struggling with mortgage payments will meet with experienced foreclosure prevention counselors throughout the state that are members of the Homeownership Advisors Network to discuss their mortgage situation and determine options to avoid foreclosure. These counselors in turn will work directly with dedicated LOCAL Fannie Mae staff to find sustainable and affordable solutions for Minnesota’s homeowners.
As always... this assistance is FREE.
One of the unique aspects of this partnership has been the creation of a standardized document collection process for ALL possible loss mitigation options. Streamlining the documentation process reduces homeowner frustration and improves response times from servicers. No longer will homeowners have to submit (and re-submit, and re-re-submit) different versions of the same documents. This all happens ONCE - on the front end and with the assistance of a Foreclosure Counselor, and is then submitted electronically to Fannie Mae staff right here in Minnesota. Fannie Mae staff then leverage their relationships with lenders and servicers (as the investor) to find long-term solutions.
The Center knows that one of the greatest advantages to working with a certified non-profit Housing Counseling is that homeowners are more successful when they have access to information and the tools necessary to get a quick response to their mortgage situation. This new partnership takes this advantage to a whole new level.
The services offered through this new partnership are only for borrowers who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae (Toll-Free) at 1-800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae are still encouraged to contact a member of the Homeownership Advisors Network to learn more about their individual options to avoid foreclosure or to learn more about the foreclosure process by visiting www.hocmn.org or calling us at 866-462-6466.
Plus: the Center will be launching this exciting new partnership with the assistance of Fox-9 news! Julie Gugin from the Center, and Jeff Hayward, Sr. VP from Fannie Mae, will be on the Fox-9 Morning Show from 7-9am on the Wednesday the 27th. Other Center staff will also be featured on both the 5:00 and 9:00pm newscasts. (Check us out after American Idol!) We'll update this post with links to videos as soon as they are online.
UDPATE: Here's the piece from this morning's Fox-9 news:
(If the embedded video doesn't work... click here to view on the Fox-9 Website.