Housing finance giant Fannie Mae has opened a center devoted to helping distressed homeowners in the Los Angeles area.
The Culver City facility, unveiled Tuesday, is the fourth in a series of local centers the mortgage behemoth plans to open around the country to advise borrowers with Fannie Mae-backed loans. The facility is being operated in partnership with the West Angeles Community Development Corp.
"The goal is to help people understand their financial situation and find an answer," said Jeffery Hayward, senior vice president of the National Servicing Organization at Fannie Mae. "This could range from a refinancing of their mortgage to a graceful exit."
Counselors will review a borrower's loan, discuss foreclosure alternatives and lend a hand with mortgage refinancing, Hayward said.
Since the housing crisis hit, Fannie Mae has hosted events in cities to help unravel complex mortgage problems for homeowners, Hayward said. "But with a one-, two-day event, all we can do is make you aware of your options. There's no time to find a solution."