Fannie Mae Partners with Florida Credit Counselors to Spread the Modification Word
Fannie Mae (FNM) will partner with the Orlando Agency of Consumer Credit Counseling Service of Central Florida and the Florida Gulf Coast (CCCS) to provide financial counseling to distressed homeowners in the state. Under the new initiative, the CCCS will start a grassroots mail and telephone campaign to let eligible homeowners know the steps they can take to avoid foreclosure. Appointments will be scheduled to meet with English and Spanish-speaking housing advisors. The CCCS will help each holder of a Fannie Mae mortgage, which is serviced by SunTrust, gather documentation needed for a loan modification. Those already in a trial through the Home Affordable Modification Program (HAMP) or other program can also receive help submitting outstanding documentation the servicer requires. The CCCS will also help those who do not qualify for a modification find some other alternative to foreclosure such as a short sale or deed-in-lieu. "This partnership with CCCS is the latest step in our effort to expand national foreclosure prevention assistance programs in hard-hit markets around the country," said Terry Edwards, executive vice president of credit portfolio management at Fannie Mae. JPMorgan Chase (JPM) is also deploying credit counselors into Florida, planning several events in the state throughout the year. Write to Jon Prior.