Foreclosure Prevention Program Sucess in Minn.

MINNEAPOLIS - A groundbreaking foreclosure prevention project is already underway here in Minnesota and getting some real results.

The Minnesota Home Ownership Center and mortgage giant Fannie Mae are working together to help people on the brink of losing their homes. The project connects local Fannie Mae staff to housing counselors.

The goal is to give homeowners options to avoid foreclosure without all of the lengthy delays. The project helps cut through the red tape and streamline the mortgage modification process.

A pilot program launched in January has already helped around 50 homeowners in Minnesota

Now, counselors are ready to expand and help even more people.

"It was fast and easy. I filled out the application and I think it was two weeks later and they said we're going to redo your loan, said homeowner Deb Vruno.

"We think it's a sign of a new way for us to be doing business with our lender partners, so this is a big deal," said Julie Gugin of the Minnesota Home Ownership Center.

The home ownership center hopes to help between 3,000-5,000 homeowners this year alone.

The project only applies to loans owned by Fannie Mae.

To find out if you're eligible you can visit or call:
http://www.hocmn.org/en/index.cfm
1-866-462-6466
www.fanniemae.com/loanlookup
or 1-800-7FANNIE