Freddie Mac has announced the opening of two free walk-in help centers in Phoenix, Arizona for delinquent borrowers with mortgages held by Freddie Mac. The help centers a are part of a national mortgage modification pilot program to help prevent foreclosure.
Neighborhood Housing Services of Phoenix (NHS Phoenix), and Chicanos Por La Causa announced the opening of two new walk-in Borrower Help Centers for borrowers with Freddie Mac held mortgages. Delinquent borrowers with Freddie Mac-owned mortgages are offered free and confidential financial counseling on an individual basis to help prevent foreclosure.
The two new help centers in Phoenix are part of a new national pilot program launched holistic financial counseling to financially distressed borrowers with Freddie Mac-owned mortgages. The borrowers may be eligible for mortgage loan modification but may need guidance to approach their lenders or to fill out the paperwork.
Dwight Robinson, Senior Vice President for Corporate Relations and Housing Outreach at Freddie Mac, stated in a press release the centers were designed to help borrowers save their homes from foreclosure. “These centers are designed to help delinquent borrowers who are suffering during these trying times and want to save their homes from foreclosure but need a strong and reliable guide to navigate the workout process. We are working with CPLC and NHS Phoenix because they have the expertise and the community’s trust to be the difference that puts a borrower back on their feet and keeps a family in their home.”
Th help centers offer holistic financial counseling including an assessment of borrower debt and credit issues that could affect their ability to make their mortgage payments after a modification. Borrowers who received such counseling are 60 percent more likely to avoid foreclosure than borrowers who do not get such counseling, according to a recent NeighborWorks® America study.
Chicanos Por La Causa
”As a trusted member of the Arizona community for the past 40 years, Chicanos Por La Causa is pleased to be a part of this initiative to help families facing foreclosure. Drawing upon our expertise in housing counseling and our cultural competency, we aim to empower families by guiding them through the mortgage modification process,” said CPLC Chief Development Officer David Adame.
The Chicanos por la Causa Borrower Help Center is located at 1112 East Washington Suite 102, Phoenix, AZ 85034-4043. For more information, contact 602-253-0838
Neighborhood Housing Services of Phoenix
Patricia Garcia Duarte, President & Chief Executive Officer of Neighborhood Housing Services of Phoenix stated, “Based on our local experience, we continue to be hopeful and can confirm that borrowers who receive foreclosure counseling are 60 percent more likely to save their homes from foreclosure than those who go it alone. Direct access to lenders who can make quick decisions is exactly what we need to see more of and we believe that Freddie Mac’s Borrower Help Center will further streamline the mortgage modification process and improve the turnaround time for receiving final decisions on modification proposals.”
The NHS Phoenix Borrower Help Center is located at 1405 East McDowell Road, Suite 100, Phoenix, AZ 85006. For more information, contact 602-258-1659.
Borrower Help Centers
The help centers will contact potential eligible borrowers for free one on one appoints. Borrowers with delinquent Freddie Mac mortgages can also walk in to the Borrower Help Centers to schedule a free appointment.
The counselors at the centers are trained to review Freddie Mac and Making Home Affordable workout requirements and provide guidance to the borrowers. The counselors may supply missing information, provide application documents and/or wort with Home Retention Services. The counselors may also work with the borrowers on other debt and credit issues.
The Borrower Help Centers in Phoenix, Arizona are part of a pilot program which includes centers in Chicago, Washington, DC, and California’s Inland Empire. Freddie Mac is also launching a separate Borrower Help Network where participating non-profit organizations will provide similar free holistic financial counseling by phone to targeted Freddie Mac borrowers across the nation. (For more information, visit freddiemac.com/avoidforeclosure.)
Written by Christine Nyholm
Huliq.com
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