Community Housing Innovations has organized a fast-track loan modification event for homeowners facing foreclosure for Oct. 5 and 6 in White Plains. Homeowners with a Bank of America mortgage or Fannie Mae-backed mortgage can speak with loan officers empowered to modify mortgage terms. Appointments are required. Here are the details:
Fannie Mae Counselors to Attend Free Foreclosure Prevention Event for the First Time
WHITE PLAINS, NY. September 14, 2012. For the first time in a Westchester County Fast TrackTM Loan Modification event, counselors from Fannie Mae will be available to meet with homeowners facing foreclosure on Friday and Saturday, October 5th and 6th in White Plains.
The event is part of an innovative program designed by Community Housing Innovations, Inc., a non profit HUD approved Housing Counseling Agency, to facilitate face-to-face meetings between homeowners and their bankers in order to shorten delays in obtaining foreclosure prevention help. The October 5th and 6th event is available free to all homeowners with a Bank of America mortgage, or a Fannie Mae backed mortgage, and enables them to schedule a private one-hour appointment with a loan officer.
Since 2010, the program, called the CHI Fast TrackTM Loan Modification , has enabled nearly two hundred homeowners in default on their mortgage payments to achieve loan modifications that have allowed them to stay in their homes, with rates reduced to as little as two percent. The program is funded by New York State and a private foundation.
According to CHI Executive Director, Alexander Roberts, “An ‘800’ number call center rep is no substitute for being able to sit across the table with a loan officer empowered to write you a loan modification. We’ve been able to negotiate loan modifications that have reduced monthly payments by as much as $1,000 or more.”
One aspect of the program contributing to its success is that homebuyers must meet with a CHI foreclosure prevention counselor prior to the bank appointment. Its purpose is to assist the homeowner in obtaining all of the documentation required by the bank for a loan modification decision. Based on the five previous events, which have attracted about 500 homeowners, 94% felt they had been well prepared by CHI and 80% indicated they had all of the documentation required.
Bank of America and Fannie Mae mortgage holders interested in the free White Plains event may call CHI at 1-877-HUD COUNSELING (1-877-483-2686) You must make an appointment in advance of the event dates to participate.