A pair of non-profits, the Finance of America Foundation
, are teaming with the co-author of the Dodd-Frank Act to launch a national platform designed to help homeowners facing foreclosure and other financial difficulties.
This new platform, which has yet to be formally named, is set to go live in the third quarter of this year. The platform will provide information on federal and state aid programs plus private resources designed to keep at-risk homeowners in their residences, and it will also provide free, on-demand chat services with nonprofit HUD-approved housing counselors.
Former Rep. Barney Frank (D-MA) is serving as an advisor to the Finance of America Foundation in this effort.
“While we have made significant progress in many ways in the 10 years since the financial crisis, we have not yet implemented a solution that allows government, the lending industry and counselors to work together effectively on behalf of individuals facing financial distress,” said Frank. “This platform will be a welcome source of assistance for individuals as well as an opportunity for mortgage companies provide a better customer experience and demonstrate their commitment to sustainable homeownership. It will also provide more visibility for the wide array of government programs available throughout the 50 states and to the thousands of nonprofit housing counselors who work tirelessly to help people in need.”