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The Minnesota Home Ownership and Fannie Mae have announced a new partnership that will accelerate the response time for struggling Minnesota families with loans that are owned by Fannie Mae. |
Homeowners that are struggling with mortgage payments will meet with experienced foreclosure prevention counselors throughout the state that are members of the Homeownership Advisors Network to discuss their mortgage situation and determine options to avoid foreclosure.
These counselors in turn will work directly with dedicated LOCAL Fannie Mae staff to find sustainable and affordable solutions for Minnesota’s homeowners.
| This partnership has created a standardized document collection process for ALL possible loss mitigation options, including loan modifications. By streamlining the documentation process we've been able to reduce frustration for homeowners and improve the response times from servicers. No longer will homeowners have to submit (and re-submit) different versions of the same documents. This all happens ONCE - on the front end and with the assistance of a Foreclosure Counselor, and is then submitted electronically to Fannie Mae staff right here in Minnesota. Fannie Mae staff then leverage their relationships with lenders and servicers (as the investor) to find long-term solutions. |
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Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by calling Fannie Mae (Toll-Free) at 1-800-7FANNIE. |
To find your local FREE foreclosure prevention counselor that can explain this new program and help get started, click here!