Fannie Mae Launches Internet-Based “Foreclosure Prevention Tool”

Federally-controlled Fannie Mae is hoping that by bringing anti-foreclosure resources virtually to homeowners in trouble, more foreclosures can be prevented. The GSE launched a new, interactive website called “WaysHome” designed to educate homeowners on options to prevent foreclosures and help them reach out for help before losing their home becomes unavoidable[1]. Amy Lewis, a foreclosure specialist at the Northwest Michigan Community Action Agency hopes that the tool will help keep foreclosures down in her state. “We expect this year to be even busier than past years,” she said, adding that the interactive website will help people understand “how early actions can help minimize negative impacts.”

The website asks homeowners a series of questions and, based on their answers, creates a scenario that shows the outcomes of their decisions on their homeownership. Once the scenario is completed, a video offers solutions dealing with the establishment of repayment plans, modifications and short sales. It also details what to gather before calling a mortgage company and has a tracking system so that a homeowner can track their progress through the system, which can be very useful since many programs require homeowners to show record of their actions as they attempt to save their homes.

Fannie Mae Launches Internet-Based “Foreclosure Prevention Tool”.

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