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Wednesday, April 13, 2011

Know Your Options with Fannie Mae

This is a Sponsored post written by me on behalf of Fannie Mae for SocialSpark. All opinions are 100% mine.

For the people and families that have already lost their homes, this information may be coming too late.  But for a lot of people that are still experiencing hardship, this information may be coming at just the right time.  I do believe that the economy is rebounding slowly but there are still a lot of people, even friends I know, that are struggling to pay their mortgage payments or that are already in the process of foreclosure.

Know Your Options by Fannie Mae has lots of information for anyone that is overwhelmed or frustrated with their financial situation and that may be faced with losing their home.  They give you options for staying in your home that you might not have thought of- refinance, repayment plan, forbearance.

And if you can no longer afford to make your payments and need to leave your home, they let you know that foreclosure isn't the only option available.  There are options that let you eliminate or reduce your mortgage debt, repair your credit sooner than if you went through a foreclosure, and you may be eligible for relocation assistance.  You can opt to do a Short Sale- a short sale is the sale of a home for less than the balance remaining on your mortgage.  You can also do a Deed-in-Lieu (DIL)- you transfer the ownership of your property to the owner of your mortgage in exchange for a release from your loan and payments.

In addition, they have a Beware of Scams page to keep you informed and goes over tips and warning signs to look out for.  Their page is packed full of resources to anyone struggling with a financial situation that's making it hard for them to pay their mortgage.  If that's you or someone you know, I encourage you to check out KnowYourOptions.com and educate yourself.

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