Are you a homeowner struggling to pay your monthly mortgage? You're not alone.Fannie Mae announced this week the launch of a new online resource called KnowYourOptions.com, a consumer education Web site geared toward homeowners trying to juggle mortgage payments in this post-recession economy. The site serves up tips and provides guidance on how to work with your mortgage company to find viable alternatives to foreclosure.
“Through foreclosure prevention programs, borrower outreach, underwriting guidelines and servicer engagement, Fannie Mae is taking a comprehensive approach to helping struggling borrowers,” says Jeff Hayward, Senior Vice President, Fannie Mae's National Servicing Organization. “Identifying accurate resources and finding the right answers can be a difficult challenge for borrowers facing hardship and a flurry of disparate, incomplete and sometimes fraudulent information."
Hayward continues, "Know Your Options is the company's newest effort to reach distressed homeowners and is designed to bring the best information and guidance together in one place so that struggling borrowers can focus on finding solutions that work for their particular circumstances.”
Key features of KnowYourOptions.com include:
- Interactive Options Finder to help homeowners identify options that might be right for their situation;
- Calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
- Videos featuring real homeowners discussing how they received help and housing counselors providing advice;
- A virtual assistant to walk homeowners through key areas of the site; and
- Next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.
