Fannie Mae has opened a new mortgage counseling center in Phoenix that is part of a larger nationwide Fannie Mae effort to assist distressed homeowners who may be at risk of foreclosure because their loans are owned by the GSE.
The Phoenix Mortgage Help Center is the fifth such facility Fannie has opened, this one in partnership with Neighborhood Housing Services of Phoenix, major mortgage servicers, civic groups and other local entities.
Counseling and other services are offered to borrowers on-site both in English and Spanish. The goal is to help borrowers “better understand the range of foreclosure prevention options available” and enable them to make educated decisions.
Among others, Fannie executives said, housing counselors at the Phoenix center will assist borrowers from Maricopa County which leads the state with over 11,000 foreclosure filings. Staff will act as intermediaries that will help build communication between distressed homeowners who are struggling to make their mortgage payments and their servicers.
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The partnership offers a so-called graceful exit option to borrowers in financial distress who are unable to stay in their homes and need to begin planning how to rebuild their credit.
