To assist homeowners who are struggling to meet their mortgage payments, FreddieMac.com has launched a new online tool that helps them find the best options for mortgage relief based on their unique circumstances.
With Freddie Mac's new Mortgage Help Navigator, distressed or underwater homeowners can learn about expanded relief options, including two new loan modification programs which the government-sponsored enterprise (GSE) recently made available. The new tool also enhances and streamlines the process of applying for mortgage relief by reducing the amount of documentation required.
‘Over the past 18 months, we greatly enhanced and expanded our foreclosure prevention policies and programs, so we designed the Mortgage Help Navigator to help ensure that homeowners are learning about the right ones for their individual needs,’ wrote Tracy Mooney, senior vice president of Freddie Mac, on the GSE's Government Perspectives blog. ‘This is part of our overall strategy to optimize outcomes for borrowers, which means we work with our sellers and servicers to find the best possible solutions for struggling homeowners.’
Streamlining the process for homeowners in turn saves time and money for Freddie Mac's servicers, Mooney wrote.
‘Since the start of the housing crisis, we have helped over 830,000 homeowners avoid foreclosure and another 1 million underwater borrowers refinance through the Home Affordable Refinance Program,’ she wrote. ‘And in cases where foreclosure is unavoidable, we have responsible REO management and disposition strategies in place that promote property preservation and community stabilization.’
