New Website to Help Struggling Homeowners

OptionsFannie Mae recently launched KnowYourOptions.comto help struggling homeowners who may be feeling overwhelmed with their mortgage situation.    The website is gearred towards avoiding foreclosure and warns homeowners not to walk away from their home.   

The site features interactive tabs:

  • Options to stay in your home
  • Options to leave your home
  • Resources
  • Beware of Scams
  • Take Action

There are calculators, videos, checklist and forms for home owners to check out.   

With regards to the refinance section under “options to stay in your home”, know that you may not have to go through your mortgage servicer (who you make your mortgage payments to) with the home affordable refinance.   Your local mortgage originator may be able to help you with your home affordable (or any) refinance.

UPDATE TO POST 10:15PM:   If you are considering leaving your home, before you decide on a short sale, deed in lieu or foreclosure, please contact an attorney.   Fannie Mae’s site insinuates that with a foreclosure  you may have a deficiency judgement–opting for a short sale or deed in lieu of foreclosure does not guarantee that you will not have a deficiency judgement (depending on your personal scenario).

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About Rhonda Porter

Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages. She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: NMLS ID 40445. Equal Housing Opportunity. You can follow Rhonda on @mortgageporter, Facebook and/or Google+

4 thoughts on “New Website to Help Struggling Homeowners

  1. Interesting website. I find that a lot of people are struggling with understanding the facts. This might be a good resource for that. Thanks for sharing.

  2. I think the site is a good start but it concerns me that Fannie Mae is portraying foreclosures as having the risk of a deficiency judgement and that if a home owner opts for short sale or deed in lieu, there’s no mention of this risk, which eludes that these choices may be better–which may not be the case. Second mortgages can be a huge factor and bottom line, consumers should consider seeking the advice of an attorney if they’re facing foreclosure.

  3. Both foreclosure, and short sale, has a risk of a deficiency judgment. A bank can opt to judicially foreclose after you stop making payments.

    What concerns me is when banks start asking for financial information so they can “help” you. In my opinion it will take years to sort out what is coming next, the next shoe to drop will be when banks start reconciling the books.

    It just feels to me that the banks, and the government, have put out all they are going to. These are legally binding contracts. Banks can do, from the fifty, or so, pages of documents that you sign at a closing, pretty much whatever they want.

    I’m afraid, and think people should be afraid of what a bank can do to them.

    So, yes, I also think this web site is a little too touchy, feely for what they are proposing.

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