Fannie Mae’s latest homeowner outreach program is a website with links to resources and information for borrowers who want to avoid foreclosure.
“If you feel overwhelmed and frustrated because you don't know what to do or don't know where to turn for assistance, that's ok,” a video on the
The website includes an interactive video, called Ways Home, where users can assume the role of one of three characters facing different types of mortgage issues—an underwater borrower, a single mother on the verge of delinquency and a recently unemployed man who wants to walk away from his family’s first home.
The video puts a Web video spin on the “choose your own adventure” books popular among schoolchildren. At different points in the video, users chose a course of action to take and watch the consequences unfold. And just like in the books, if the user reaches a negative outcome, they can go back a few steps and choose a new path.
The website has information on various mortgage loss mitigation efforts, like modification, refinance, short sale and Fannie’s Deed-for-Lease program, where a borrower can execute a deed-in-lieu of foreclosure agreement and Fannie Mae rents the property back to the new tenant.
Fannie’s other homeowner outreach initiatives include Mortgage Help Centers located in Miami, Chicago, Atlanta, Los Angeles, Phoenix and Dallas; with additional centers opening soon and partnerships with nonprofit groups and mortgage industry players.
