NPHS, Freddie Mac and Fannie Mae Team Up to Help Borrowers Pursue Loan Modifications

Posted on Friday, January 6th, 2012

NPHS is working with both Freddie Mac and Fannie Mae to outreach to delinquent borrowers to pursue mortgage workouts that can save their homes and steer clear of foreclosure.

In December 2011, Freddie Mac selected NPHS to be a Borrower Help Center for the third consecutive year. As one of only six Borrower Help Centers in the nation, NPHS offers delinquent Freddie Mac borrowers “holistic” financial counseling, which not only assists borrowers applying for loan modifications, but also helps families assess debt, credit and budget matters.  NPHS counselors also review Making Home Affordable workout requirements with their clients and guide borrowers to supply missing information or documents needed to move applications forward.

NPHS also launched a similar campaign with Fannie Mae offering counseling to targeted Fannie Mae borrowers in the Inland Empire.  In November 2011, NPHS entered into a partnership with Fannie Mae to become part of its Mortgage Help Network (MHN).  Under this new partnership, NPHS will work directly with Fannie Mae, allowing for faster resolutions for homeowners facing foreclosure.

NPHS’ Home Retention Department currently provides free, quality foreclosure prevention education and counseling to homeowners struggling to make their mortgage payments.   Under the Freddie Mac and Fannie Mae partnerships, homeowners facing obstacles in making their loan payments can work with NPHS’ certified counselors to determine which workout option will work best for their situation.

“This is a rare and extraordinary opportunity for our clients,” says NPHS’ Chief Executive Officer Clemente Mojica. “Working directly with the investor, we can provide homeowners with loans owned by Freddie Mac and Fannie Mae with increased access to foreclosure prevention assistance at a more efficient rate.”

Both the Freddie Mac and Fannie campaigns rely on non-profit organizations with strong reputations to contact and work with borrowers who may be eligible for a modification but never called their lender or became frustrated or uncertain of the process and gave up trying.  NPHS’ effective, personalized housing counseling program and its reputation as a trusted community resource was recognized by both GSEs.

In 2011, NPHS helped nearly 500 borrowers avoid foreclosure through loan modifications, forbearance, repayment plans and other workouts, including modifications under Making Home Affordable.  Homeowners seeking foreclosure prevention assistance can contact NPHS at (800) 761-6747 to schedule a counseling appointment.