Along with the help of a number of local non-profit organizations, the National Urban League, National Council of La Raza, and HomeFree USA, Freddie Mac will open Borrower Help Centers in Chicago, Phoenix, Washington D.C., and San Bernardino.
The centers will utilize a "holistic"approach to address the problems facing borrowers who have fallen into delinquency on their mortgage payments. Much attention during the sessions will be paid towards figuring out the credit and financial problems that are preventing one from staying on schedule with their payments and would continue to do so after a modification.
By offering the services in a walk-in center, Freddie Mac hopes to draw in those who are delinquent on their mortgage payments but are either confused or scared about taking initial steps to rectify the problem.
The National Urban League looks forward to working with Freddie Mac on this important project as we collectively seek to test enhancements to the home retention continuum that prioritize client counseling " said Marc H. Morial, President & CEO of the National Urban League. "The Borrower Help Network is a critical response to the housing crisis and its design is clearly linked to comprehensive and sustainable neighborhood stabilization, which remains the ultimate objective."
All counselors at the centers will be trained to review Freddie Mac and Making Home Affordable requirements, as well as provide advice about the methods to go about applying for a modification while supplying them with any paperwork that may have gone missing as well.