Fannie Mae reaches out to prevent foreclosure

Tuesday, August 03, 2010

Homeowners have a new resource in the fight to prevent foreclosure.

The giant mortgage purchaser, Fannie Mae, has launched a new website to help make homeowners aware of various options that they may have when searching for solutions to their housing problems. These alternatives include a loan modification, a short sale and a deed in lieu of foreclosure.

Consumer Action recommends that homeowners also seek information on opportunities to reduce the principal amount of their mortgage.

Fannie Mae also plans to open mortgage help centers in the hardest hit sections of the country. Two centers are currently available in Chicago and South Florida.

For information on Fannie Mae's new mortgage help site visit www.knowyouroptions.com