Posted on Tuesday, August 10, 2010
Fannie Mae has launched KnowYourOptions.com™, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions.
The online resource, which offers reliable and easy-to-understand information in both English and Spanish, expands on Fannie Mae's ongoing efforts to help struggling borrowers find alternatives to foreclosure. Key features of KnowYourOptions.com include:
• an 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.
KnowYourOptions.com provides homeowners who are having trouble paying or recognize they can no longer afford their mortgages with detailed information on
• repayment plans,
• loan modifications,
• short sales,
• deeds-in-lieu; and more.