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Fannie Forms New Partnership to Help Distressed Florida Homeowners

""Fannie Mae"":http://www.fanniemae.com/kb/index;jsessionid=22RGM14HQNCMZJ2FQSISFGQ?page=home&c=homepage announced Thursday that it has entered into a new partnership with the ""Orlando agency of Consumer Credit Counseling Service of Central Florida and the Florida Gulf Coast"":http://www.cccsatl.com/ (CCCS) in order to accelerate response[IMAGE]

time and provide financial counseling to struggling Florida homeowners whose mortgages are owned by Fannie Mae and serviced by ""SunTrust."":https://www.suntrust.com/portal/server.pt

Under this partnership, CCCS will initiate a grassroots mail and telephone campaign focusing on eligible homeowners who are delinquent in their mortgage payments. Fannie Mae said the goal of this campaign is to help these homeowners understand the steps they can take to prevent foreclosure.


Once contacted, homeowners will be encouraged to schedule an appointment to meet with experienced English- and Spanish-speaking housing advisors. These counselors will explain the qualification requirements for loan modification programs and help facilitate an expedited resolution.

CCCS will then assist each qualifying mortgage holder with organizing the documentation necessary to complete a loan modification under the administration's Making Home Affordable Program or other programs, and this information will be directly submitted to the servicer.

Homeowners who enter a trial modification will receive additional monitoring services to ensure that they submit any outstanding information required by the servicer in a timely manner. And if a homeowner is unable to qualify for a modification, counselors will work with both the servicer and borrower to arrange a ""graceful exit"" from the property, which may include assistance with relocation costs, Fannie Mae said.

""This partnership with CCCS is the latest step in our effort to expand national foreclosure prevention assistance programs in hard-hit markets around the country,"" said Terry Edwards, Fannie Mae's EVP of credit portfolio management. ""It is important for homeowners who are struggling with their mortgage to access free assistance.""

About Author: Brittany Dunn


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