Today Fannie Mae launched a new consumer education website on foreclosure options.
The way I found out about it was when I received a call from the Orlando CBS affiliate, Channel 6 News asking if they could interview me about the new site... www.KnowYourOptions.com
So while he was asking me questions about the ramifications of a foreclosure on your life (credit, jugdments, etc.) I pulled the site up quickly to take a peek! It's actually a pretty good site!
A lot of the information they are sharing is similar to the info I put on MY info site, www.BeforeYouShortSale.com which is for Orlando Short Sale Homeowners info.
They cover the options for when you want to keep your home, including something they call "Deed-for-Lease" which is where you deed your home to the lender (called a deed-in-lieu of foreclosure or dil) and then they will rent it back to you for a specific period of time for current market rent value. The other options when you want to stay in your home are: refinance, repayment plan, forebearance, and modification and on the site they explain what each of these are and the benefits. But remember... if you want to stay in the home you will need to be able to qualify for the payment, so if you are without income you will most likely not qualify to keep your home.
They also cover the options for when you can't or don't want to keep your home. These include Deed-in-Lieu and Short Sale and cover the what's, how's, and benefits of these options for your family.
Within an hour of my "phone interview", the reporter from Channel 6 was here in my office with his camera guy to do an interview and find out more about what options a homeowner has in Orlando if they are facing a challenge with their mortgage or facing short sale or pre-foreclosure. The spot will run tonight on Channel 6 between 6-7pm and I'm figuring will be re-run on their website www.clickorlando.com
If you are a homeowner facing trouble with your mortgage, check out the site: www.KnowYourOptions.com it has some really good information that might make your decision easier. And if you are in Seminole County or the Orlando area... give me a call!
If you are an agent, check out the site and consider using it as a tool to share with your clients. It will answer most of their questions and the info is coming from a 3rd party credible site.