Fannie Mae, the government sponsored mortgage giant announced that they have started a fresh website knowyouroptions.com that offers solutions for struggling home owners to avoid foreclosures. The site will help distressed home owners learn about the different options available to them.
The site is Bilingual, available in English and Spanish. The website is the newest initiative of the government sponsored company to reduce losses incurred on the mortgages worth 3.2 trillion dollars that it guarantees or owns. Servicers who have been criticized for not aiding home owners have stated that it was too difficult to contact them in time. Fannie Mae like other investors faces the costly option of foreclosures for sale.
The new website not only educates but is a summon to act according to Jeff Hayward, senior official with Fannie Mae. It encourages you to either consult your lender or a housing counselor, he says.
Like those in Florida and Chicago, Fannie Mae plans to open a number of help centers for mortgages in the near future in the hardest hit cities according to Brain Faith, spokes person for Fannie Mae.
The website has a virtual guide and he introduces visitors to various options to foreclosure properties like refinance, modification of loans, short sales or deeds in lieu. There are two mains sections in the website. One explains options to those who are planning to retain home ownership. It provides links and details of programs that enables borrower to refinance their loans, reach loan modification or some sort of forbearance.
The second section is devoted to those who are resigned to lose their homes and gives details of shorts ales and deeds in lieu of sales. Strategic default is not mentioned as a viable option. The Website explains in plain language what the various options available to struggling home owners are.
The site also contains compelling videos of testimonials of some people who have succeeded in avoiding foreclosures through the various options on offer. According to Hayward, the website offers advice to struggling home owners in a warm and friendly way. The site provides look up tools so that the home owners are able to easily contact mortgage servicers and housing counselors.
Advocates of home owners have certain issues to pick up with the site. It puts on an equal footing those who want to keep their homes or those who want to leave their homes. Housing groups prefer the situation of people retaining their homes as a better option.
Fannie Mae will popularize the websites among housing counselors and bankers as well as via online advertisements in order to fight foreclosures.
