Fannie Mae Launches Revised Home Foreclosure Options Website
Recently, Fannie Mae, the government mortgage giant, created new website targeted to homeowners facing foreclosure. The new website that was launched can be found at http://www.KnowYourOptions.com and features information on different potential options for homeowners struggling to stay in their homes.
Most notably the new website, adds an interactive element that allows users to navigate through various home retention or foreclosure scenarios, with live action videos of actors playing out the situations that could potentially occur.
Distressed homeowners can choose to go down a number of different paths. Should you stop making payments on your mortgage? Do you answer the phone when the mortgage lender calls? Should you call the company that sent you a letter claiming to be able to save your home? Each decision leads to a different video showing the consequences.
This interactive feature is called WaysHome and is an effort to guide struggling homeowners to short- and long-term solutions, according to Fannie Mae.
This is another tool to prevent information to a large issue in the housing market that still has a long way to go and that is, the large number of foreclosures in the current marketplace. While increased awareness and education is always a good thing in an uncertain market and while this does take a creative spin on recent efforts, we will wait to see what if any impact this latest web feature accomplishes.