KnowYourOptions.com is the new Fannie Mae website launched last week to help distressed borrowers understand more about mortgage financing and prepare them for dealing with lenders in the foreclosure process.
Available in both English and Spanish, the new site aims to help struggling homeowners find alternatives to foreclosure. According to a Fannie Mae press release, key features of the site include:
- Interactive Options Finder to help homeowners identify options that might be right for their situation;
- Calculators to help borrowers understand how many of the options work, including refinance, repayment, forbearance, and modification;
- Videos featuring real homeowners discussing how they received help and housing counselors providing advice;
- A virtual assistant to walk homeowners through key areas of the site; and
- Next steps and helpful forms, including a financial checklist and contact log to help borrowers be prepared when contacting their mortgage company or housing counselor.
The site also provides details about Fannie Mae’s Deed-for Lease program, which gives borrowers the option to remain in their home by becoming renters.