Fannie Mae begins efforts to educate homeowners facing foreclosures?

Fannie Mae begins efforts to educate homeowners facing  foreclosures?

In a recent article by Donna Gehrke-White published in the sunsentinal.com, Ms. Gehrke reports that “Fannie Mae is partnering with NBC and its Miami affiliate, WTVJ-Channel 6, to get the word out on the options available if people are having trouble making their house payments, said Andrew Wilson, spokesman for Fannie Mae, a giant in the secondary mortgage market.”  http://www.sun-sentinel.com/business/blogs/money-sense/sfl-fannie-foreclosure-campaign-20110914,0,714925.story

What does this new awareness means for the homeowner? What type of help can the homeowner expect from the government or in this case from an agency backed by the government? First one needs to determined if the loan one has is a Fannie Mae loan. If it is, the second step is to contact Fannie Mae by phone or fill out an online form at their website http://www.knowyouroptions.com/ . After that one needs to gather financial documents, for example: Pay stubs, Last year’s tax return, bank statements, Monthly mortgage statement, Credit card statements balances, Monthly payment amounts on other debts (such as school or car loans). The final step will be a Fannie Mae representative calling you an giving you advise as to your options.

One word of caution for the homeowner is to remember that at the end of the day they are taking to the bank, as such the banks interest may be at play and only those options more convenient to the bank may be offered. I suggest that homeowners informed themselves with all available material and then seek the help of an attorney knowledgeable in the area of real estate.

Written by: Hector A. Pena, Esq.