A series of foreclosure help workshops are being held across the country to help distressed borrowers meet and talk personally with investors and mortgage servicers of Hope Now alliance.
The government-sponsored enterprise, Federal Home Loan Mortgage Corp. of Freddie Mac has gone even farther in its effort to alleviate the effects of foreclosure by hiring Titanium Solutions Inc. to visit delinquent homeowners in their houses to gather documents and collect missing information that are needed to start the three-month mortgage modification under the Making Home Affordable Program of the Obama Administration.
Hope Now explained that the foreclosure help workshops which were held in Tampa, Florida and Boston, Massachusetts attracted about 1,800 homeowners who are at risk of foreclosures. The alliance said that in Boston, 781 homeowners showed up, with one out of three granted loan workouts during the event.
The alliance plans to organize additional workshops in Atlanta, Georgia and Southern California this month. Meanwhile, Freddie Mac has a list of workshops hosted by local and state governments and counseling organizations such as Hope Now to abate the growth of the foreclosure problem.
Meanwhile, Freddie Mac hired Titanium Solutions to meet troubled borrowers in the houses. Representatives from Titanium will help homeowners who want to save their properties from foreclosures by preparing and completing the requirements for the loan modification program of Making Home Affordable.
The company will also determine the kinds of documents that will be needed, secure signatures and assist distressed homeowners through the entire loan modification process. Company representatives are prohibited from accepting loan payments or any kind of money from homeowners to avoid fraud by con artists.
According to market report, about 3.13 percent of loans guaranteed by Freddie Mac were behind in payments for 3 months in August. The figures represented an increase from the delinquency rate last year. In July, 4.17 percent of loans guaranteed by Freddie Mac’s sister company, Federal National Mortgage Association were delinquent, an increase from the 1.45 percent posted for the same month a year ago.
Market data also showed that the number of prime loans that were seriously delinquent rose by 5.44 percent in the second quarter.
Subprime loan delinquency rate was 26.50.
Industry experts hope that the series of foreclosure help programs would help stave off the foreclosure problem in the country.
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