Investigating the Issues That Affect You Most

Fannie Mae Launches Chicago Mortgage Help Center

Modified loan payments, short sales, deeds-in-lieu of foreclosure all on the table

By Lisa Parker
|  Thursday, Aug 26, 2010  |  Updated 10:52 PM CDT
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Fannie Mae Launches Chicago Mortgage Help Center

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Calling it "a symbol of hope for struggling homeowners," mortgage investor Fannie Mae and Neighborhood Counseling Services of Chicago on Thursday launched a joint venture and possible lifeline to struggling homeowners.

The Mortgage Help Center will work with homeowners who are struggling to make their mortgage payments on Fannie Mae-backed loans.  A similar program exists in Miami.

"We have a big presence here; a lot of loans in Chicago," Fannie Mae Senior Vice President Jeff Hayward told NBC Chicago in an exclusive interview and tour of the center. "Anything we can offer to help borrowers avoid foreclosure, we're going to do it."

Foreclosure prevention options range from modified loan payments to short sales and deeds-in-lieu of foreclosure.  Fannie Mae's new website -- KnowYourOptions.com -- explains in detail these and other prevention options.

Organizers say 2,800 Chicago-area homeowners have already been identified as possible candidates for lowered monthly mortgage payments.  Roughly 300 applications are already being processed.

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