There is a free interactive video for homeowners and their mortgages is now available from Fannie Mae. Their effort is to help people think through their options, and to prepare them in working out their financial issues. There are three paths to take:
- Miguel Gonzales overwhelmed and feeling like he's drowning - thinking about refinancing
- Jackie Williams behind on bills
- Richard Lane in a hole you can't get out of
The video can be started, stopped, backed up, and you can re-choose to see another outcome/path.
FannieMae WaysHome web address for the video is http://www.knowyouroptions.com/ways-home#
Here is a review of the Miguel Gonzales choice
Intro then choose
Miguel Gonzales overwhelmed and feel like you're drowning - thinking about refinancing
pays his bills, has left over money, but nothing for retirement, and house value has gone down because of other properties being foreclosed on
does refinancing make sense?
each choice has a video answer and it plays out "what might happen"...
do nothing: what happens if you do nothing ... change in income, even and includes discussing a strategic default - walking away
choice: find ways to cut back or call your mort co
find ways to cut back: goes back to the first 3 choices - figure out where you money is going and worked on a budget, and then automatically goes to call your mort co
too late - foreclosure comes, then a lecture to call your mort co before you miss a payment, then you get to start over at the the choice to call your mort co or cut back
call your mort co: a rosy picture of the phone relationship you will have with your mortgage company.
prepares you for their request for "a lot of documentation" and warns you about fee for service mailings and solicitations
also suggests 888-995-hope "free housing counseling" at the Hope Hotline
lender then explains short sale, foreclosure, refinancing, modification, repayment plan, forbearance, ...
restates the documentation is extensive and must be complete
a rosy ending as Miguel says "nothing is the matter" smiles and kisses his wife as he surfaces "above water" and keeps his house
references KnowyourOptions.com or 800-732-6643 http://www.knowyouroptions.com/resources/housing-counselors
The other three choices all funnel you to sit down and get reacquainted with your finances, budget, expenses and income. The the videos lead you to call your mortgage company and get started working on the problems you have in your personal situation.
At any point, you can click the top left corner to go back to the main menu.
Lots of options, lots of choices, lots of scenarios. It may confuse as many people as much as their current situation does, but it might help some others.
I'll review the other two paths in later blogs.
Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / email@example.com
508-274-5613 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup Skype: heath.coker