MCLEAN, Va., Sept. 29 /PRNewswire-FirstCall/ -- Freddie Mac (NYSE: FRE) today announced it has hired Titanium Solutions, Inc. to meet with delinquent borrowers at their homes and help them supply missing information, documents and complete other actions needed to begin their three month trial payment periods for Home Affordable Modifications under President Obama's Making Home Affordable program.
Titanium Solutions will target late-paying borrowers with Freddie Mac-owned mortgages who have not returned letters or phone calls sent by their servicers, or who need to provide additional information or documents to launch their three-month Home Affordable Modification trial periods. Titanium will also help those borrowers who have started their Trial periods complete the documentation process to enable them to be converted into final modifications.
"By meeting with our borrowers, one on one, in their homes Titanium Solutions can help them overcome the roadblocks keeping them from starting their Home Affordable Modification trial periods," said Ingrid Beckles, Senior Vice President Of Default Asset Management at Freddie Mac. "We believe this can give borrowers seeking Home Affordable Modifications the same type of personalized guidance they may have had when they were buying their home or applying for their mortgage."
"Through this initiative, Freddie Mac again demonstrates their commitment to helping homeowners in need. We are pleased to work with them to improve contact with at risk homeowners who are in jeopardy of losing their homes to foreclosure, as well as increasing the number of homeowners who receive and are approved for a modification," said Patrick Carey, Chief Executive Officer at Titanium Solutions, Inc.
Reaching Delinquent Borrowers in their Homes
Titanium Solutions representatives will provide borrowers seeking Home Affordable Modifications with a wide range of support and expertise from reviewing program requirements, to explaining which documents are needed, to securing signatures and walking them through unfamiliar processes.
To minimize potential fraud by imposters, Titanium Solutions representatives will not accept mortgage payments or any other money from borrowers. Representatives will also carry a copy of their servicers' solicitation letter the borrower initially received. These letters are specially formatted and include unique information about the mortgage loan.
Titanium Solutions, Inc. is the newest piece of Freddie Mac's multi-pronged effort to help borrowers take advantage of President Obama's Making Home Affordable program. Freddie Mac has placed program experts at servicers across the country, works one-on-one with borrowers at local events organized by the Treasury Department, and recently hired Home Retention Services, a wholly owned subsidiary of Stewart Lender Services, Inc., to ease backlogs at several servicers by processing applications from eligible delinquent borrowers with Freddie Mac mortgages.
For more information about Freddie Mac efforts to help borrowers and support Making Home Affordable, visit freddiemac.com/avoidforeclosure.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.
SOURCE Freddie Mac