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If you have a mortgage backed by Fannie Mae and are facing hardships, the folks at Fannie Mae have launched a new web site that is designed to educate borrowers on methods to avoid foreclosure. The instructional video is called WaysHome and the website is at www.knowyouroptions.com.

The folks over at HousingWire had this to say about the launch:

Fannie Mae’s new WaysHome interactive multimedia tool walks homeowners through options if they are struggling to pay the mortgage — even allowing them to select a character and be a part of an interactive video.

The WaysHome video is set in a neighborhood that has been hurt by the foreclosure crisis. Real actors play three residents of the neighborhood — each in financial distress. Homeowners select to play one of the residents and, as their stories unfold, make financial decisions for them and see how the consequences of these decisions play out. Fannie Mae provides tips, tools and links during the process and users have the ability to go back and revise their decisions. Most choices lead to an immediate consequence followed by a related teaching point.

WaysHome asks the homeowner input some basic information about his or her situation. For example, the homeowner is asked about whether they have short-term or long-term income issues, and whether they want to stay in the home or leave. It then provides some options that the homeowner should consider.

You can contact us in the sidebar for other questions or if your current loan is not backed by Fannie Mae.

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