Facing foreclosure? New Fannie Mae website helps consumers find options

WASHINGTON – Aug. 16, 2010 – Fannie Mae launched a new website to help consumers understand their options when facing foreclosure and the possible loss of their home. Called KnowYourOptions.com, it outlines the choices available to homeowners struggling to make mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find a back-up plan.

KnowYourOptions.com provides information in both English and Spanish. Features include:

• Interactive Options Finder helps homeowners identify options.

• Calculators help borrowers understand how many of the options would work in their situation, including calculations about refinance, repayment, forbearance, and modification.

• Videos feature real homeowners discussing how they received help; others feature housing counselors giving advice.

• Forms – including a financial checklist and contact log – to help borrowers prepare for a meeting with their mortgage company or housing counselor.

• Information on refinancing, repayment plans, forbearance, modifications and Deed-for-Lease.

• Out-of-the-box alternatives, including short sales and deeds-in-lieu for homeowners who recognize that they can no longer afford their mortgages, but want to avoid a foreclosure on their credit history

More info: www.KnowYourOptions.com.

© 2010 Florida Realtors®

Fannie Mae Launches New Website

Fannie Mae recently launched a new website to help consumers who are struggling to avoid foreclosure learn about ways to get some help. Check out this website www.knowyouroptions.com