Feb. 12 (FreeRateUpdate.com) – Non-profit organizations are spouting up around the country in attempts to help homeowners avoid or understand foreclosure and in hopes to stabilize the housing recovery. According to the Freddie Mac website, Freddie Mac has taken I new step by introducing “Borrower Help Centers” in key cities this month, as well as a “Help Network” nationwide, Freddie Mac is teaming with non-profit organizations to provide financial counseling “that goes further than standard mortgage delinquency counseling and focuses on credit cards, auto loans and other credit problems “
The Borrow Help Centers is providing borrowers with a dedicated counselor to review requirements under mortgage relief offered through Freddie Mac and Making Home Affordable. These “workout requirements” (maximum income, debt ratio, hardship help clients apply for mortgage payment reductions, and provide the necessary paperwork or information needed to complete the difficult process. Even with the help of these organizations the loan modification process is still a lengthy and difficult one.
There are still hiccups with these non-profit organizations and their devotion to help and that is that there are still homeowners who aren’t getting the help that they are asking for, some are simply falling through the cracks because these programs are severely understaffed compared to the overwhelming number of homeowners asking for their help.
For homeowners seeking help, there is more information here: www.freddiemac.com/avoidforeclosure/
Borrower Help Centers
- Chicago, IL: Latin United Community Housing Association, Chicago Neighborhood Housing Services;
- California – Inland Empire: Neighborhood Partnership Housing Services;
- Phoenix, AZ: Phoenix NHS, Chicanos Por la Causa;
- Washington DC: HomeFree-USA