Fannie Mae Launches Website to Help Struggling Homeowners

August 3, 2010 No Comments »

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Government mortgage financier Fannie Mae today launched KnowYourOptions.com, a website designed to educate struggling homeowners on the choices available to them.

The site is broken down into two main sections, with options to stay in your home and options to leave.

Borrowers who are current on mortgage payments but feel they may have trouble in the future can explore options like refinancing, repayment plans, forbearance, loan modifications, and Fannie’s own Deed-for-Lease program.

Those who feel they won’t be able to keep up with payments can explore foreclosure alternatives like short sales and deeds-in-lieu of foreclosure.

The website also provides links to local housing counselors, along with a list of mortgage companies and their website links and phone numbers.

Additionally, homeowners can download helpful forms to keep track of the process, including contact logs and financial checklists.

“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,” said Jeff Hayward, Senior Vice President, Fannie Mae’s National Servicing Organization, in a press release.

“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.”

All in all, a good resource for struggling homeowners who aren’t sure where to start.

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