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Fannie Mae and Minnesota Home Ownership Center Announce Partnership to Help Struggling Homeowners

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RISMEDIA, April 28, 2011— Fannie Mae and the Minnesota Home Ownership Center recently 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 MN Homeownership Center’s Advisors Network to discuss their mortgage situation and determine options to avoid foreclosure. These counselors in turn will work directly with Fannie Mae staff to find sustainable and affordable solutions for Minnesota’s homeowners. Homeowners interested in scheduling an appointment with one of the trusted advisors should call the Minnesota Home Ownership Center. Assistance is free of charge.

“This partnership leverages the skills and knowledge of the Minnesota Home Ownership Center’s vast counseling network in order to more efficiently reach struggling homeowners and help stabilize neighborhoods,” says Jeff Hayward, Senior Vice President of Fannie Mae’s National Servicing Organization. “This unique partnership will provide families with the information and tools they need to avoid foreclosure, and improve response times for struggling homeowners.”

“We’re pleased to be able to work closely with Fannie Mae,” says Julie Gugin, Executive Director of the MN Home Ownership 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.”

Fannie Mae and the Minnesota Home Ownership 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.

For additional information, visit www.hocmn.org or www.fanniemae.com.

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