Know Your Options

Fannie Mae has a new site designed to help homeowners. It's called Know Your Options and here's what Fannie Mae has to say about it:

If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don't know what to do or where to go for assistance, and they feel too helpless to take action.

In Seattle, at the present time, less than 10% of homeowners are in one phase or another of the foreclosure process. In outlying areas the figure is higher. While our problem is not as serious as the problems in Arizona, Nevada, Florida and a few other states, this is a concern for us all on a neighborhood level. If you know of someone who is having a problem with a home modification loan, a short sale, foreclosure, or just currently having trouble making their house payment, this site is a good place to send them. It's easy to navigate and will clarify issues that are often hard to grasp.