If you are struggling making your mortgage payments you need to seek help as early as possible to avoid foreclosure. Fannie Mae, an insurer of home loans, has released a new interactive tool online to help you determine what your options are. KnowYourOptions.com The website is designed to be a virtual one-stop-shop for anyone facing financial hardship and in need of foreclosure prevention solutions.
The site is available in both English and Spanish and includes tools like educational videos, mortgage calculators, financial forms and checklists. A virtual assistant will walk you through the site.
Not all mortgages are insured by Fannie Mae, but this is a great general resource. The site does provide a Fannie Mae Look-up Tool so you can find out if your mortgage is insured by Fannie Mae so you can take advantage of the Fannie Mae specific programs that are detailed on the site.
Again the key for anyone homeowner who is facing difficulties or anticpates that they may have an issue in the near future is to seek help as early as possible. This website is a great first step.