Freddie Mac is making house calls to help delinquent homeowners
Freddie Mac is taking anti-foreclosure efforts to the front doors of homeowners who’ve fallen behind on mortgages
Home-loan giant, Freddie Mac, recently hired consulting firm Titanium Solutions to personally visit delinquent borrowers, hoping to help financially strapped consumers modify mortgages before they face foreclosure.
“The statistics continually show that the earlier you intervene, the greater the likelihood for success,” Freddie Mac spokesman Brad German said. “We want to intervene early.”
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Freddie Mac already has plenty of delinquent loans on its hands and doesn’t need any more
The mortgage giant, which the government took over last year to save from collapse, currently holds 9 percent of America’s 4.2 million “seriously delinquent” home loans. Those are mortgages at least 90 days past due.
A personal touch approach
To keep additional homeowners from falling that far behind, Titanium plans to visit at-risk borrowers in person.
Representatives will knock on doors of borrowers who are at least 31 days delinquent and either haven’t responded to calls or letters or have applied for loan modifications but need to provide additional documentation.
Staffers will also help homeowners who’ve gotten “trial” modifications file paperwork for permanent help.
Freddie Mac’s ambitious, aggressive effort could do a lot of good – particularly given the frustrations that many homeowners face navigating the current loan-modification system.
For instance, lots of borrowers report hour-long waits when calling lenders by phone for help.
Many have also waited for hours at “foreclosure-intervention” fairs – public gathering that bring borrowers and lenders together.
Last year, thounsands of financially strapped Bay State homeowners jammed one such event at Gillette Stadium.
Steps to prevent fake Freddie Mac reps
Freddie Mac’s new plan carries risks, as scam artists are already knocking on doors to offer troubled homeowners “help” – for a price.
To make sure scammers don’t impersonate Titanium staffers, Freddie Mac plans to send customers letters in advance advising of upcoming in-home consultations.
Titanium’s workers will also have specific loan information that only legitimate counselors know, such as a mortgage’s current balance.
Most importantly, Titanium won’t ask homeowners to pay for help.
That’s key, because even though scam artists charge big upfront fees, applying for government-backed mortgage assistance is actually free.
Source: http://www.bostonherald.com/business/real_estate/view/20091204foreclosure_fight_gets_personal_going_door-to-door_to_help_homeowners/srvc=home&position=also
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