August 2, 2010 – Fannie Mae today announced a new website for consumers struggling with mortgage payments. The new web site was designed to educate homeowners on where to get help and on how to avoid foreclosure. Fannie Mae noted that many homeowners who lose their homes have often had minimal or no contact with their mortgage company.
The new website, KnowYourOptions.com offers homeowners easy to understand information on avoiding foreclosures, refinancing, forbearance, deeds-in-lieu of foreclosure, short sales and repayment plans. Fannie Mae acknowledges that there are many other web sites that offer similar information and that their new site is meant to complement existing information sources. Fannie Mae hopes that their new site will become the credible, authoritative place to go for consumers seeking information on how to get help to avoid foreclosure.
The new site is part of Fannie Mae’s ongoing efforts to help homeowners avoid foreclosure.
Significant features of the site, according to Fannie Mae are:
- 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 got 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.
Fannie Mae hopes that their new site will become a trusted source of information for both borrowers and the mortgage industry.
Some homeowners may decide that they can no longer afford to stay in their home while others, although struggling, may want to stay in their home. In order for a homeowner to determine the best course of action, Fannie stresses the need for homeowners to contact either their lender or a mortgage counselor.