Fannie Mae Launches WaysHome Interactive Video Tool to Help Struggling Homeowners
RISMEDIA, January 7, 2011—Fannie Mae recently 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.
As part of Fannie Mae’s “Know Your Options” initiative to help
struggling homeowners, the WaysHome video uses innovative technology to
allow homeowners to put themselves in real-life situations, make
informed choices and immediately see the outcomes of those actions.
“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.”
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. 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.
The WaysHome video is set in a neighborhood that has been hurt by the
foreclosure crisis. Real actors play three residents of the
neighborhood—each in financial distress. Homeowners select to play one
of the residents and, as their stories unfold, make important financial
decisions for them and see how the consequences of these decisions play
out. 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.
“With a variety of financial hardships and other circumstances
affecting homeowners across the country, making educated decisions is
more important than ever,” added Hayward. “It’s a travesty when people
lose their homes because they don’t know or understand their options.
Homeowners who are proactive about working with their mortgage company,
housing counselors, or using consumer tools like WaysHome have a
significantly better chance of finding a solution that allows them to
avoid foreclosure.”
In an effort to connect with homeowners who have not yet reached out
for help, Fannie Mae will be promoting WaysHome on www.FannieMae.com,
through its comprehensive new consumer website, www.KnowYourOptions.com,
and a series of events in partnership with local faith-based
organizations, non-profits and industry leaders that include: Safeway
Eastern Division; Progressive National Baptist Convention, Inc.; Capital
Area Foreclosure Network; Collective Empowerment Group; NeighborWorks®
America; and National Community Reinvestment Coalition. Collateral
materials and website content will be made available at no cost through
Fannie Mae’s mortgage servicing and community partners.
Fannie Mae continues to conduct homeowner outreach across the
country, which includes the opening of Mortgage Help Centers in Miami,
Chicago, Atlanta, Los Angeles, Phoenix and Dallas/Fort Worth with other
locations to be announced in the coming weeks. The company also uses
direct mail and phone calls to encourage homeowners to pursue
foreclosure alternatives.
For more information, visit www.KnowYourOptions.com and www.fanniemae.com.