January 6, 2011 (Chris Moore)
So the slow economy has finally caught up with you. Maybe you or your spouse was laid off or you got your hours cut back and you’re falling further and further behind on your bills, struggling with your mortgage payments or facing foreclosure, feeling overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to turn for assistance, and they feel too helpless to take action.
Well now there’s help.
Fannie Mae has launched WaysHome, a free, interactive multi-media tool designed to educate homeowners about their options to avoid foreclosure, empower them to make informed decisions and motivate them to take action and seek help in 2011.
“In 2011, millions of homes will be at imminent risk of foreclosure. As we enter a new year, the company is expanding its efforts to help struggling homeowners avoid foreclosure – WaysHome is an innovative tool to help achieve this goal,” said Jeff Hayward, Fannie Mae Senior Vice President. “Since the beginning of 2009, Fannie Mae has helped more than half a million families stay in their homes through modification or other solutions. With initiatives like WaysHome, we are determined to do everything possible to help homeowners.”
Through video reenactment, WaysHome allows homeowners to experience scenarios that address a range of options for avoiding foreclosure that include repayment plans, forbearances, modifications, deeds-in-lieu, and short sales.
Real actors play three residents of a neighborhood that has been hurt by the foreclosure crisis. Homeowners can select to play one of the three financially distressed residents and, as their stories unfold, make decisions about what homeowners should do, and experience the positive outcomes or negative consequences of the choices you make.
Throughout the course of the interactive simulation, Fannie Mae provides helpful tips, tools and links during the process and users have the ability to go back and revise their decisions should their choices lead to a negative outcome. Most choices lead to an immediate consequence followed by a related teaching point.
Unique to the other industry-wide foreclosure prevention efforts, WaysHome was developed by Fannie Mae to educate distressed homeowners on the short- and long-term impact of their decisions.
Tags: fannie mae, wayshome, distressed homeowners, foreclosure, mortgage payments, bills, foreclosure prevention, interactive media, repayment plans, loan modifications