A third of the visitors logging onto FreddieMac.com are distressed borrowers looking for information. This realization prompted the government-sponsored enterprise to launch its new Mortgage Help Navigator tool for borrowers.
Accessible online, the tool provides troubled borrowers with information about all available relief options and safeguards that exist to aid homeowners facing particular battles.
Tracy Hagen Mooney, senior vice president of single-family servicing and REO, published a blog discussing the new tool Monday.
"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. We exhaust every option to keep a borrower in their home, but when that's not possible we have a number of options to help them exit gracefully from their obligation," Mooney wrote.
Some of the solutions Freddie deployed include two new loan modification programs, reduced timelines and documentation requirements for existing programs along with temporary relief for borrowers after major natural disasters.
Click here to visit the new tool.