Federally-controlled Fannie Mae is hoping that by bringing anti-foreclosure resources virtually to homeowners in trouble, more foreclosures can be prevented. The GSE launched a new, interactive website called “WaysHome” designed to educate homeowners on options to prevent foreclosures and help them reach out for help before losing their home becomes unavoidable[1]. Amy Lewis, a foreclosure specialist at the Northwest Michigan Community Action Agency hopes that the tool will help keep foreclosures down in her state. “We expect this year to be even busier than past years,” she said, adding that the interactive website will help people understand “how early actions can help minimize negative impacts.”
The website asks homeowners a series of questions and, based on their answers, creates a scenario that shows the outcomes of their decisions on their homeownership. Once the scenario is completed, a video offers solutions dealing with the establishment of repayment plans, modifications and short sales. It also details what to gather before calling a mortgage company and has a tracking system so that a homeowner can track their progress through the system, which can be very useful since many programs require homeowners to show record of their actions as they attempt to save their homes.
The GSE and Lewis, along with lenders, modification specialists and just about everyone else out there involved in real estate are hoping that homeowners will take advantage of “WaysHome” long before foreclosure becomes a threat. Do you think that this type of software holds promise for stemming the tide of foreclosures?
Thank you for reading! Your comments and questions are welcomed below.
[1] http://www.upnorthlive.com/news/story.aspx?list=~\home\lists\search&id=564018
No, I think it will only confused most of the home owners that have no idea that their mortgage belongs to them and that the bank is usually only the loan service provider. What the banks need to do will never happen because too many home owners would benefit in the long term from having very a thorough understanding of their resources. Such as selling the mortgage to another bank that offers better rates and payments, or doing a mortgage assignment or signing a Lease With Option To Own Agreement. These are just a few of the many options that a distressed home owner can use when they are able to foresee financial turbulence. They can even sell their mortgage as a C.D.O. {Collateralized Debt Option} To a collection agency that will rewrite the terms of the mortgage to compensate their income. They can even create a variable payment option that allows variations of payment to comply with the flexibility of their income. The banks are just not in the agreement for the home owner, but more so for the amount of interest they will receive in the form of ca$$h.
No. not realy the person is over there heads in debt and falling behind on payments they need to think this out. When will they be able to repay behind notes? ( they most likly will not ) if this is the case then getting out from under the crushing bedt is the best opption. Now I am not saying this becase I want a chance to help them and myself by buying there property and turing it around and selling it for a profit. No I have been there I know what it feels like. The house you put blood swet and tears into to make it a Home for yourself and family and watching as nothing you can do to stop it from happening you loose your House, and then have to rebuild. It is always better to get out from under the crushing debt and have a sence of freedom again and get rid of the pesky calles from the bill colectors. The worst thing is not knowing that there is an escape putting that on ther site would be a good thing but I don’t know about you but most people do not think of Fannie Mae or freddie Mac when the are in this problem. There friends don’t either. Tobad there isn’t a way to get the word out to the general public cheaply. Investors will have to advertise in spots that are seen by the public.
Shaming the property owner is a silly idea due to the fact that some of these properties are probably held by a legal entity such as an LLC, or a land trust. So, it wouldn’t make any difference with regard to the shame factor. As far as the town being able to legally do this, one comment on the original article was probably correct. The town would have to pay the owner for putting up the sign due to a former court ruling that has created a legal precedent.