Saturday, January 22, 2011

Facing Foreclosure? Know Your Options!

This post brought to you by Fannie Mae. All opinions are 100% mine.

These days, it seems as though everyone knows somebody who is having--or has had--trouble making mortgage payments.  With the economy as it is and so many people out of work, it can be a real challenge.  I know that, for me, anxiety over finances can make it difficult to consider all of the options in a rational way.

Foreclosurephoto © 2009 BasicGov | more info (via: Wylio)I'm glad to know, then, that Fannie Mae has a website,, that helps homeowners learn about their options.  The site provides information on options to stay in your home (such as refinance or repayment plan) and options to leave your home (such as a short sale).  Each option is explained and accompanied by information to help consumers make the best choice:  who qualifies, what the benefits are, how it works, and how to proceed.  For most, if not all, of the options, you'll also find a calculator to help you see how an option might apply to your own situation.

In addition, offers an entire section on how to avoid scams--see the Beware of Scams tab--and a wealth of resources (calculators, contacts, forms, and more).

Sometimes all we need to get through a financial crisis is access to the right information.  I am no financial wizard (far from it!), and contains a great deal of information that I didn't know.  The site is well-designed and easy to use.  If you are--or you know someone who is--having difficulty making mortgage payments, I encourage you to visit Know Your Options by Fannie Mae for more information.

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  1. You know, sometimes I think it would be easier to just file bankruptcy. Why not? Obama will bail you out if you do and what's the consequences? You have bad credit for a few years and then because the economy is so bad, people will give you a break -- everyone is filing bankruptcy. It's the thing to do. I am being sarcastic of course. I have family who filed bankruptcy, put a bunch of stuff on their credit card right before they filed and have nicer stuff than we do. They lost their house, but they ended up renting a place that was nicer than their house and people give them all kinds of breaks because they feel sorry for their bad luck. Sometimes it feels like even when you are responsible with your money, you get the short end of the stick. Right now our house is worth $30K less than what we owe on it. If we ever wanted to sell it or we couldn't afford the payments, we'd end up owing $30K plus some change. We wouldn't even break even. It kind of seems unfair since we pay our mortgage payment on time every month and when we bought our house, it was worth $45K more than it is now. Ok, I went off on a tangent. My point is that what is the point of being responsible now days? I only do it because I know what God requires of me, but if I didn't have that, I wouldn't care and would probably just default on my loans because their is no big consequence to failing to pay. You lose your house, but people are more willing to help you out too.

  2. I'm interested in the read, however I believe the laws and regulations may be different for in Canada. I'll have a look, thanks

  3. What a great resource! My heart goes out to the families who are facing financial problems during these times.


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