Minnesota Home Ownership Center Partners with Fannie Mae

Struggling Minnesota homeowners with loans owned by ""Fannie Mae"":http://www.fanniemae.com can now expect faster response times to their mortgage situations.

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According to a statement from Fannie Mae, the ""Minnesota Home Ownership Center"":http://www.hocmn.org recently partnered with the GSE to accelerate the mortgage resolution process. Assistance provided to borrowers is free of charge.

""This partnership leverages the skills and knowledge of the Minnesota Home Ownership Center's vast counseling network in order to more efficiently reach struggling homeowners and help stabilize neighborhoods,"" said Jeff Hayward, SVP of Fannie Mae's National Servicing Organization.

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""This unique partnership will provide families with the information and tools they need to avoid foreclosure and improve response times for struggling homeowners,"" Hayward added.

Minnesota homeowners struggling with mortgage payments meet with experienced foreclosure prevention counselors who are members of the Minnesota Home Ownership Center's Advisors Network to discuss their mortgage situations and determine options to avoid foreclosure. These counselors work directly with Fannie Mae staff to then find solutions.

""We're pleased to be able to work closely with Fannie Mae,"" said Julie Gugin, executive director of the Minnesota Home Ownership Center. ""We know that homeowners are more successful when they have access to information and the tools necessary to get a quick response to their mortgage situation.""

Gugin noted, ""By involving the mortgage investor at the beginning of the workout process, we'll be able to streamline and simplify the process for struggling Minnesota homeowners.""

The collaboration allows members to streamline document collection for all loss mitigation options, thereby reducing homeowner frustration and improving response times from servicers, according to Fannie Mae.