Parsippany, New Jersey based mortgage broker FHM Mortgage Group, LLC, announced today that they will be partnering with collection agencies to help homeowners who are past due on their mortgages repay their debts.

FHM President Nick Mastrandrea said that this effort will help homeowners who want to pay off their delinquencies, but do not know what options may be available for them. “Professional collectors know that most overextended homeowners want to pay off their delinquent bills, but often don't know who to go to about raising the necessary funds,” said Mastrandrea. “This is FHM's area of expertise. We work with dozens of lenders who, even in the midst of the current credit crunch, are willing to help financially strapped homeowners secure new mortgages that can help them pay their bills, repair their credit profile and get back on their feet financially.”

Mastrandrea also said that this effort on the part of FHM is an extension of their overarching goal “to create a company that could serve as an ally to the collections industry.” According to the press release, by growing this part of their business, FHM will be better poised to help homeowners who are being affected by the slowing economy.

In a continuance of their efforts to help both homeowners and lenders alike, FHM also offers reverse mortgages, which have no income or credit requirements. Reverse mortgages allow homeowners to tap into the equity of their home while still retaining the title, which can allow them to pay off other debts. Rachel Daniels