If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated.
Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action. Fannie Mae has launched a borrower-friendly outreach site designed to educate distressed homeowners on potential retention strategies and foreclosure alternatives.
They understand at Fannie Mae. They have created KnowYourOptions.com to help homeowners just like you. They have made it easy to find the information you need, so you can get help before it’s too late.
The online education resource — available in both English and Spanish — offers calculators to demonstrate to borrowers the mechanics of refinance, repayment, forbearance and modification options. It also offers information on Fannie's Deed-For-Lease program, which allows borrowers to become renters in the same property after pursing deed-in-lieu of foreclosure.
The site, also provides next steps and forms including a financial checklist and a contact log to aid borrowers in contacting their servicers.
You can watch a video here
Thankfully, there are options in this sluggish economy.
Feel free to contact us if you have any further questions and we will help direct you.