Fannie Mae and Minnesota Homeownership Center Partner to Distressed Homeowners

Fannie Mae and the Minnesota Homeownership Center have announced a partnership to accelerate the response time for struggling Minnesota families with loans that are owned by Fannie Mae. Minnesota homeowners struggling with mortgage payments will meet with experienced foreclosure prevention counselors throughout the state that are members of the Minnesota Homeownership Center’s Advisors Network to discuss their mortgage situation and determine options to avoid foreclosure. These counselors will work directly with Fannie Mae staff to find sustainable and affordable solutions for Minnesota’s homeowners. “This partnership leverages the skills and knowledge of the Minnesota Homeownership Center’s vast counseling network in order to more efficiently reach struggling homeowners and help stabilize neighborhoods,” said Jeff Hayward, senior vice president of the National Servicing Organization for Fannie Mae. “This unique partnership will provide families with the information and tools they need to avoid foreclosure, and improve response times for struggling homeowners.” Fannie Mae and the Minnesota Homeownership Center utilize a standardized document collection process for all possible loss mitigation options. Streamlining the documentation process reduces homeowner frustration and improves response times from servicers. “We’re pleased to be able to work closely with Fannie Mae,” said Julie Gugin, executive director of the Minnesota Homeownership Center. “We know that homeowners are more successful when they have access to information and the tools necessary to get a quick response to their mortgage situation. By involving the mortgage investor at the beginning of the workout process, we’ll be able to streamline and simplify the process for struggling MN homeowners.”