My Real Estate Blog

Fannie Mae offers online resource to educate struggling homeowners

Fannie Mae recently announced the launch of KnowYourOptions.com, a new consumer education Web site outlining the choices available to homeowners struggling to meet their mortgage obligations.  The online resource, which offers information in both English and Spanish, provides guidance on how borrowers can contact and work with their mortgage servicer to find solutions.
 
Key features of KnowYourOptions.com include:

• 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.

Fannie Mae plans to implement a comprehensive marketing outreach campaign to raise awareness about the site and also intends to use the site as a vehicle to roll out new options for borrowers that are currently being developed.

Reprinted from C.A.R.