Fannie Mae and Minnesota Home Ownership Center Announce Partnership in Minnesota to Help Struggling Homeowners

Statewide Network Provides Prompt Resolution for Struggling Homeowners

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Apr 27, 2011, 11:51 ET

ST. PAUL, Minn. and WASHINGTON, April 27, 2011 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) and the Minnesota Home Ownership Center today announced a partnership to accelerate the response time for struggling Minnesota families with loans that are owned by Fannie Mae.

Minnesota homeowners that are struggling with mortgage payments will meet with experienced foreclosure prevention counselors throughout the state that are members of the MN Homeownership Center's Advisors Network to discuss their mortgage situation and determine options to avoid foreclosure. These counselors in turn will work directly with Fannie Mae staff to find sustainable and affordable solutions for Minnesota's homeowners. Homeowners interested in scheduling an appointment with one of the trusted advisors should call the Minnesota Home Ownership Center at 866-462-6466. Assistance is free of charge.

"This partnership leverages the skills and knowledge of the Minnesota Home Ownership Center's vast counseling network in order to more efficiently reach struggling homeowners and help stabilize neighborhoods," said Jeff Hayward, Senior Vice President of Fannie Mae's National Servicing Organization. "This unique partnership will provide families with the information and tools they need to avoid foreclosure, and improve response times for struggling homeowners."

"We're pleased to be able to work closely with Fannie Mae," said Julie Gugin, Executive Director of the MN Home Ownership Center. "We know that homeowners are more successful when they have access to information and the tools necessary to get a quick response to their mortgage situation. By involving the mortgage investor at the beginning of the workout process, we'll be able to streamline and simplify the process for struggling MN homeowners."

Fannie Mae and the Minnesota Home Ownership Center utilize a standardized document collection process for all possible loss mitigation options. Streamlining the documentation process reduces homeowner frustration and improves response times from servicers.

The services offered through this partnership are only for borrowers who have a mortgage held by Fannie Mae. Homeowners can determine if Fannie Mae owns their loan by visiting www.fanniemae.com/loanlookup or by contacting Fannie Mae at 800-7FANNIE. Homeowners who do not have loans owned by Fannie Mae are still encouraged to contact a member of the Homeownership Advisors Network to learn more about their individual options to avoid foreclosure or to learn more about the foreclosure process by visiting www.hocmn.org or calling 866-462-6466.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

Minnesota Home Ownership Center is a nonprofit organization that promotes successful and sustainable home ownership for low- and moderate-income Minnesotans through counseling and education services for first-time home buyers and those struggling with foreclosure. The Center coordinates and provides programming and technical assistance to a statewide network of nonprofit agencies providing direct services known as the Homeowner Advisors Network. For additional information, visit www.hocmn.org.

SOURCE Fannie Mae