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""Fannie Mae"":http://www.fanniemae.com announced the opening of a new mortgage help center in Culver City, California, this week to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by the GSE.
[IMAGE]The fourth facility in a series of nationwide mortgage help centers, the Greater Los Angeles Mortgage Help Center is a joint partnership between Fannie Mae and ""West Angeles Community Development Corporation"":http://www.westangelescdc.org/, major mortgage servicers, and civic and community leaders.
According to Fannie Mae, there were more than 13,000 properties with foreclosure filings in Los Angeles County in August.
""With so much information available, many homeowners simply don't know where to turn for good advice,"" said Jeff
[COLUMN_BREAK]Hayward, SVP of Fannie Mae's National Servicing Organization. ""Worse yet, many have fallen victim to the countless numbers of scams that prey on distressed homeowners. This help center is a place where homeowners can receive free quality counseling from trusted advisors who will work to achieve the best outcome for each homeowner.""
Borrowers who visit the center meet directly with on-site English- and Spanish-speaking staff and experienced housing counselors. The hope is they will better understand the prevention options available and how to resolve their mortgage situations.
""This partnership allows Fannie Mae mortgage holders to receive free assistance from experienced counselors in a one-on-one session at a convenient location,"" said Dr. Lula B. Ballton, CEO, West Angeles Community Development Corporation. ""We view this collaboration as a model for addressing the needs of distressed mortgage owners in our community. Borrowers will have their mortgage concerns addressed with competence and compassion.""
Counselors review a borrower's loan, discuss foreclosure alternatives, collect the required documents for the federal Making Home Affordable program, and provide help to finalize any pending loan workout initiatives.
Efforts are also underway to counteract local scams and groups that charge fees for modifications and foreclosure prevention services.
