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Could Fannie Mae Be Helping Distressed Florida Homeowners?


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Could Fannie Mae Be Helping Distressed Florida Homeowners?


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Perhaps the headline should be slightly altered to ask: Is Fannie Mae Helping Distressed Florida Homeowners? Depending on which version of public relations spin you believe, the government will say Fannie Mae not only could, but is helping Florida homeowners. Some Florida homeowners would probably agree.

 

To put the question into context, recently Fannie Mae and Neighborhood Housing Services of South Florida (NHSSF) celebrated the one-year anniversary of their South Florida Mortgage Help Center. On the surface, it would seem Fannie's involvement in South Florida is alive and well.

The NHSSF was opened in a particularly hard hit area to provide mortgage assistance to Floridians. By their own admission, they have talked to over 5,000 South Florida homeowners and worked directly with more than 1,000 families struggling with loans owned by Fannie Mae.

Typical with quasi-governmental agencies, Fannie Mae's South Florida office is staffed with "trained mortgage specialists" eager to help local families through difficult mortgage decisions. The advisors, fluent in several languages, guide customers through foreclosure prevention options.

NHSSF claims more than 60 percent of customers it has worked with have managed to avoid foreclosure and remain in their homes. The solutions implemented by NHSSF counselors include loan modifications and repayment plans, and the average time to an outcome is around 30 days.

The combination of Fannie Mae and the NHSSF has given some South Floridians the tools they need to avoid foreclosure. Working with the customer as well as the mortgage servicers, NHSSF strives to provide the customer with an efficient solution and expedited response time.

South Florida homeowners who have utilized the services of NHSSF indicate the center provides a valuable personal experience. Without the assistance of the Mortgage Help Center, many homeowners would have lost their homes.

The NHSSF is having a positive impact on homeowners and helping to stabilize the housing market in South Florida. Clearly, the answer is yes - Fannie Mae has been a significant partner in helping South Florida recover.

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Tags: • counselorsavoidoptionsforeclosurespecialistsagenciesassistancehousinggovernmenthomeownersdistressedhousing marketloan modificationsforeclosure preventionmortgage specialistsmortgage assistancepublic relationsmortgage helpsouth floridahousing servicesfannie mae

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