Online Help from Fannie Mae

Financially struggling homeowners have options

Roseville, Calif. -There is a lot of help being offered on the internet to financially struggling homeowners. With the increases in foreclosures and short sales the number of sites offering help has grown significantly. Although some of the information available online is helpful and well meaning, some of it is a scam in the form of “‘debt relief” services which may be offered free elsewhere.

To combat these scams, Fannie Mae has set up a web site, KnowYourOptions.com, which has information on options if you want to stay or leave your home. It shows various resources and has a section on various scams. In one section on taking action the reader is advised the first step in getting help is to contact your mortgage company and explains how to get started. The site includes videos from people who have experienced similar mortgage payment issues.

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I have looked at the site and believe it is well done and meets a need for this type of information and it comes from an organization who is not selling a product or service.

Options

Not everything on the site is geared toward avoiding foreclosure. There are sections on short sales or deeds-in-lieu of foreclosure which guide those whose financial situations are so dire that they cannot reasonably hope to stay in their homes. There is also a section featuring information for mortgage companies and loan counselors, calculators to determine if the borrower is eligible for assistance, and information on commencing short sales or deeds-in-lieu of foreclosure.

Another helpful Web site for consumers is Hope LoanPort, which allows struggling homeowners and housing counselors to submit financial documents to mortgage companies and track the status of their efforts to avoid foreclosure. Hope LoanPort was created by Hope Now, a consortium of 12 mortgage companies and 250 counseling agencies.

Julie Jalone

If you or someone you know is considering buying, please feel free to contact me MagnumOne Realty office in Roseville at (916) 276-6883 and email at [email protected].

We specialize serving the needs of buyers and sellers of homes in the Roseville and Sacramento area including Sacramento, Placer, El Dorado, Sutter and Yuba counties.

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