Fannie Mae has launched a borrower-facing website that outlines various options that are available to homeowners who are struggling with their mortgage payments. The site, knowyouroptions.com, provides guidance on how borrowers can contact and work with their mortgage servicers to avoid foreclosure.
The site provides easy-to-understand information in both English and Spanish, Fannie Mae says.
‘Identifying accurate resources and finding the right answers can be a difficult challenge for borrowers facing hardship and a flurry of disparate, incomplete and sometimes fraudulent information,’ says Jeff Hayward, senior vice president of Fannie Mae's National Servicing Organization.Â
The website includes an ‘interactive options finder’ and calculators to help borrowers understand how options such as refinance, repayment, forbearance and modification work. The site also features information on Fannie Mae's Deed-for-Lease program.
‘This initiative draws on the insights and feedback garnered through Fannie Mae's work with thousands of lender partners and housing counselors across the country, and will help connect borrowers with the servicing and counseling professionals they need to reach resolution,’ Hayward adds. ‘Our hope is that this site can be a trusted source of free information for borrowers and industry participants alike.’
SOURCE: Fannie Mae