Fannie Launches Distressed Borrower Education Site
Fannie Mae today is launching a borrower-facing outreach site designed to educate distressed homeowners on potential retention strategies and foreclosure alternatives. The online education resource -- available in both English and Spanish -- offers calculators to demonstrate to borrowers the mechanics of refinance, repayment, forbearance and modification options. It also offers information on Fannie's Deed-For-Lease program, which allows borrowers to become renters in the same property after pursing deed-in-lieu of foreclosure. The site, KnowYourOptions.com, also provides next steps and forms including a financial checklist and a contact log to aid borrowers in contacting their servicers. "Through foreclosure prevention programs, borrower outreach, underwriting guidelines and servicer engagement, Fannie Mae is taking a comprehensive approach to helping struggling borrowers," said Jeff Hayward, senior vice president, National Servicing Organization. "Identifying accurate resources and finding the right answers can be difficult challenges for borrowers facing hardship and a flurry of disparate, incomplete and sometimes fraudulent information." He added: "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." Write to Diana Golobay.