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Fannie Mae is Reaching Out to Troubled Homeowners With New Website

By
Real Estate Agent with Bishop & Associates Real Estate DRE 00985714

Fannie Mae is finally stepping up and giving homeowners a great resource to turn to when they feel like they may be in trouble. Homeowners struggling with their mortgage payments are still increasing. The evidence: the national foreclosure rate is now above 3%. Another 7% of homeowners are more than 90 days behind on their payments.

Fannie Mae recently launched a new website, www.knowyouroptions.com, that includes an interactive video simulation that allows users to role play various situtions. The "WaysHome" feature of the video will connect with distressed homeowners. The "WaysHome" interactive video simulation takes a different approach than previous attempts by the mortgage industry to educate distressed homeowners about options to avoid foreclosure.

The video features three characters in various stages of homeowner distress: Miguel Gonzalez is current on his mortgage but concerned about his financial situation; Jackie Williams is chronically late with her payment and is letting other bills slide to keep up; Richard Lane is delinquent and facing foreclosure.

The simulation allows participants to make choices for the characters and shows the consequences. The video encourages distressed homeowners to seek help early on, and also warns them of the impact that taking no action can have on a person's credit and life in general.

"With a variety of financial hardships and other circumstances affecting homeowners across the county, making educated decisions is more important than ever," Fannie Mae spokesman Jeff Hayward said. "It's a travesty when people lose their homes because they don't know or understand their options."

Posted by

Brad Hatton
Realtor® & CDPE®
Fremont, CA · 510-494-2120

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Brad.

Thanks for the information. Have a great day.

Jan 25, 2011 12:09 PM