After a two-year break Freddie Mac has further expanded the number of its Borrower Help Centers by opening three new branches in Atlanta, Las Vegas and Los Angeles.
Freddie opened its first Borrower Help Centers in Chicago, Phoenix, Washington and San Bernardino, Calif., in 2010.
Freddie is partnering with the D&E Financial Education and Training Institute in Forest Park, Ga.; Chicanos Por La Causa in Las Vegas and the West Angeles Community Development Corp. to open new Borrower Help Centers.
Freddie is teaming up with local nonprofit organizations to help borrowers who may face foreclosure simply because they did “not know who to call and trust," said Dwight Robinson, senior vice president of the outreach, diversity and human resources division and chief diversity officer of Freddie Mac.
These centers offer delinquent borrowers an opportunity to get free and confidential financial counseling on how to pursue a mortgage workout and avoid foreclosure. Counseling also helps borrowers with debt and credit issues “that could affect the borrower's ability to stay current” on their mortgage after a modification.
“They are a proven tool” for helping borrowers to workout avoidable foreclosures, Robinson said.
Since 2009, Freddie said, such collaborations between counselors, servicers and Freddie have helped more than 756,000 borrowers receive loan modifications, forbearance, repayment plans and other workouts.