Having trouble paying the mortgage? The folks over at Fannie Mae have launched a free interactive tool called WaysHome to help struggling homeowners avoid foreclosure through a series of multi-media simulations.As part of the group's “Know Your Options” initiative, the WaysHome video uses online technology to allow homeowners to put themselves in real-life situations, make informed choices and immediately see the outcomes of those actions.
“In 2011, millions of homes will be at imminent risk of foreclosure. As we enter a new year, the company is expanding its efforts to help struggling homeowners avoid foreclosure – WaysHome is an innovative tool to help achieve this goal,” says Jeff Hayward, Fannie Mae Senior Vice President.
The WaysHome video is set in a neighborhood that has been hurt by the foreclosure crisis. Real actors play three residents of the neighborhood – each in financial distress. Visitors to the site are assigned a character archetype after answering a few questions about their financial situation.
Through video reenactment, WaysHome allows homeowners to experience scenarios that address a range of options for avoiding foreclosure that include repayment plans, forbearances, modifications, deeds-in-lieu and short sales.
“With a variety of financial hardships and other circumstances affecting homeowners across the country, making educated decisions is more important than ever,” adds Hayward. “It’s a travesty when people lose their homes because they don’t know or understand their options."
Hayward continues, "Homeowners who are proactive about working with their mortgage company, housing counselors, or using consumer tools like WaysHome have a significantly better chance of finding a solution that allows them to avoid foreclosure.”
Click here to check out WaysHome.
