Freddie Mac(NYSE:FRE) and HomeFree-USA announced the opening of a new walk-in Borrower Help Center in the Washington D.C. area. The HomeFree help center offers delinquent borrowers with Freddie Mac-owned mortgages free counseling and help in obtaining a mortgage modification from their lenders. The program is designed to help delinquent borrowers avoid foreclosure.
The new Borrower Help Center in Hyattsville, Maryland is part of a new national pilot program to provide holistic financial counseling to borrowers with Freddie Mac-owned mortgages. Borrowers in financial distress may be eligible for a loan modification but may need guidance in how to approach their lenders.
Dwight Robinson, Senior Vice President for Corporate Relations and Housing Outreach at Freddie Mac made a statement about the HomeFree Help Center and the Borrower Help Center; "These centers are designed to help borrowers who want to save their homes from foreclosure but need a strong and reliable guide to navigate the workout process. We are working with HomeFree-USA because they have the proven expertise and community trust to save homes, build lender and borrower confidence and to restore the financial viability of homeowners going through this process.
HomeFree Help Center
"HomeFree-USA is thrilled to be a Borrower Help Center," said HomeFree-USA President, Marcia Griffin. "Borrowers with Freddie Mac-owned loans now have an additional means for accessing help with their mortgages. The Borrower Help Center will help many, many homeowners to regain their financial footing."
The HomeFree-USA Borrower Help Center is located at 3401A East West Highway, Hyattsville, MD 20782. For more information call 301-891-4606 (English) or 301-891-4607 (Spanish).
The help center counselers are trained to review Freddie Mac and Making Home Affordable requirements. Counselors will provide one on one couseleing and guidance in how to apply for a mortgage modification with their lenders.
A recent NeighborWorks America study says borrowers who receive holistic counseling from reputable non-profit groups are 60 percent more likely to avoid foreclosure than other borrowers.
Freddie Mac is opening up similar Borrower Help Centers in Chicago, Phoenix, 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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