Freddie Mac: New Re-Employment Program to Help Financially Distressed Home Possible Borrowers Launched
June 6, 2018
Source: Freddie Mac
Life happens. Too often it’s a job loss, reduced work hours or other employment difficulties that cause mortgage defaults and foreclosure. We’ve introduced a re-employment program through our partner NextJob, a national re-employment solutions company. This is a proactive solution to help financially distressed Freddie Mac Home Possible® borrowers in Duty to Serve high-needs areas address their employment challenges and prevent potential mortgage loan delinquencies and defaults.
The Power of Partnership: Helping Families Stay in their Homes
We understand that mortgage loan delinquencies and defaults can result in foreclosure, and that can be devastating to borrowers and their families. Foreclosures can also be costly and time consuming for Servicers, with charges stemming from legal fees, upkeep of vacant property, lost revenue and other expenses that add up over time.
As a nationwide re-employment solutions company with a proven track record of training borrowers on job search skills in today’s market, NextJob was the perfect choice to help launch this program.
Eligible borrowers now have access to free one-on-one job coaching sessions, job counseling webinars and proprietary online job search training tools that are covered 100 percent by Freddie Mac.
Re-employment Services Eligibility Requirements
Seller/Servicers may refer their eligible borrowers to Freddie Mac to receive NextJob re-employment services if they meet each of the following requirements:
- The mortgage must be in a designated Duty to Serve high-needs area.
- The borrower has a Home Possible mortgage.
- The borrower has suffered a loss of income due to unemployment or underemployment and has applied with the Servicer for loss mitigation assistance.
For More Information
- Look for details in our June Single-Family Seller/Servicer Guide Bulletin.
- Contact your Freddie Mac representative.
- See Freddie Mac’s Duty to Serve plan [pdf].