Fannie Mae has launched an online resource for homeowners who are struggling with their mortgage payments. KnowYourOptions.com is designed to be a one-stop-shop for anyone facing financial hardship and in need of a foreclosure prevention solution. It provides guidance on how homeowners can work with their mortgage company to identify alternatives to foreclosure for their specific situation. The site includes educational videos, mortgage calculators, checklists, forms and contact information for housing counselors and outreach events. This is part of Fannie’s attempt to offer a comprehensive approach to helping struggling homeowners. The site also provides information on refinancing, repayment plans, forbearance, modifications, short sales, and Fannie’s Deed-For-Lease program. Fannie will be launching an outreach marketing program to raise awareness of the site, and use it as a vehicle to roll out new options for borrowers.
