The Finance of America Foundation has partnered with homeownership-nonprofit HLP to create a platform that addresses foreclosure and other financial problems of homeowners.
The foundation will fund the platform through a grant, while HLP will develop it. The foundation’s advisory board of executives and former government officials will provide guidance to HLP. Barney Frank, the former representative from Massachusetts, will advise the foundation on this effort.
The platform is set to launch in the third quarter and will be free for consumers, government agencies, nonprofit counselors, and the mortgage industry. Homeowners will be able to access information about aid programs through the platform, including state and federal government programs and private charitable resources. They will also be able to apply for many of the programs and get access to nonprofit HUD-approved housing counselors.
HLP will work with its technology partner, IndiSoft, to create the center’s website and resource database. The nonprofit will also work with mortgage companies, government agencies, and other housing organizations to place links to the platform on their websites. HLP currently operates a platform where the largest commercial banks, mortgage servicing companies, government agencies, and nonprofit counselors exchange data and documents with homeowners seeking loan modifications and other assistance.
“Hundreds of new programs were created during the financial crisis, but many homeowners and mortgage company representatives had no idea how or where to find this information,” Finance of America Foundation President Sara Sefcovic said. “The recent natural disasters highlight the fact that access to aid still remains fragmented and difficult to obtain. By partnering with HLP to build a comprehensive database and a secure way to apply for help, we can make an enormous difference by providing immediate assistance to homeowners struggling to find a way to keep their homes.”