There's an expression in Spanish that's usually used when describing politicians: "Los mismos perros, distintos collares" (Same dogs, different collars). Many homeowners struggling with mortgage payments have felt the same way about program announcements and offers of help they've heard during the housing crisis. "It may get headlines... but can it really get me help?"
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.
One of the Center's partner organizations, the Neighborhood Development Alliance (NeDA) has been highlighted in an article published on August 10th in the Twin Cities Daily Planet entitled: "Flor's story: Fighting foreclosure in North Minneapolis". NeDA has been working with a struggling homeowner, Flor Garcia, since May in order to help her understand her rights and responsibilities with her mortgage, as well as mediating on her behalf with her lender, Countrywide, to attempt to get her a loan modification that will be affordable for her.Garcia, who learned about the foreclosure prevention services of NeDA through the Jewish Community Action, has become an advocate for other struggling Latino families... to let THEM know about the resources available through NeDA:Garcia is working with her lender, Countrywide Financial (which has recently merged with Bank of America) to lower her payments and get her home out of foreclosure, and has also begun to volunteer with Jewish Community Action to help other Latino community members understand the help and resources that are available to them.
If you, or someone you know, is struggling to make their monthly mortgage payments... HELP IS AVAILABLE! Services are available in English, Spanish, Hmong and Somali. Don't delay, waiting limits your options. Find your local foreclosure prevention counselor, and other resources, here.
As frequent readers of this blog know, The Minnesota Home Ownership Center and Federal Reserve Bank of Minneapolis are joining with two national organizations, HOPE NOW and NeighborWorks America, to bring a large-scale foreclosure prevention workshop to the Twin Cities later this week. The event, which is free and open to the public, will be held on Thursday, June 4th from 2:00 - 8:00 pm at the St. Paul RiverCentre.This is the first time the Center has partnered with the HopeNow Alliance, the Fed and NeighborWorks America to bring a large-scale foreclosure prevention workshop to the Minneapolis/St. Paul metro area.The Center believes that MN Homeowners are best served through collaborative efforts like the HopeNow workshop - and the great working relationship our counselors have with local, regional and national lenders/servicers. Our 2008 Foreclosure Counseling report shows that through our collaborative efforts, thousands of Minnesota families where able to avoid foreclosure. To view this report, click here.Many times lenders are seen as the bad guys - just waiting to get their hands on 'the little guys' home... (Click here for an extreme example) and don't receive enough good press about their efforts for working collaboratively with organizations like the Minnesota Home Ownership Center. The Center applauds all efforts undertaken for the good of Minnesota homeowners! For a complete list of the lenders and servicers that will be attending the event on Thursday... click here.For more information about the HopeNow Borrower Workshop - including the complete list of additional services that will be available at the workshop, click here.
