lowrate.com

People who are fighting to avoid foreclosure will now have another tool at their disposal.

Fannie Mae, the government-backed mortgage-insuring company, has launched a consumer education website called KnowYourOptions.com. The company announced that the resource will provide guidance to distressed homeowners and outline their options when they’re faced with the unenviable prospect of defaulting on their mortgage. Presented in both English and Spanish, the site is designed to meet the demands and worries of homeowners seeking to avoid losing their homes and unsure of whom to turn to.

Jeff Hayward, senior vice president of the company’s national servicing organization, said that "through foreclosure prevention programs, borrower outreach, underwriting guidelines and servicer engagement, Fannie Mae is taking a comprehensive approach to helping struggling borrowers. Identifying accurate resources and finding the right answers can be a difficult challenge for borrowers facing hardship and a flurry of disparate, incomplete and sometimes fraudulent information."

In addition to an interactive options finder, the site offers a virtual assistant that helps with site navigation, a financial checklist, helpful forms and lender contact information.

Borrowers are also advised to speak directly with lenders if they anticipate falling behind on their mortgage.