A new interactive website launched Thursday educates homeowners on options to prevent foreclosure.
It’s created by Fannie Mae and it's called “WaysHome.” It aims to motivate homeowners to make right decisions and encourage them to seek help.
In 2011 it's estimated that four million homes will be at risk of foreclosure, affecting homeowners in all communities, of all ethnicities and income levels.
Foreclosure specialist at the Northwest Michigan Community Action Agency Amy Lewis says foreclosures in northern Michigan are higher than ever and that this tool could help change that.
Lewis says, "We expect this year to be even busier than the past years, we've just had so many people that are in foreclosure or at risk of going into foreclosure that are really in need of our help."
Lewis says the launching of “WaysHome” interactive website will help northern Michigan homeowners avoid foreclosure.
The technology helps people understand how early actions can help minimize negative impacts.
Lewis explains, "This tool will help alleviate some of the nervousness that's associated with them contacting their mortgage company or looking for help."
As a learning tool it allows homeowners to put themselves into real life scenarios by selecting a character.
After answering a series of questions, the outcomes of their decisions play out in front of them. Then the video offers solutions addressing repayment plans, forbearances, modifications and short sales.
Lewis says, “...Items to gather before you call your mortgage company, there’s a servicer-call log that allows you to track who you’re talking to and the mortgage company and what has transpired."
Lewis says she will encourage more than just her clients facing foreclosure to take advantage of this new tool.
She says, "Families maybe that aren't even in foreclosure or crisis yet but may be concerned for the future it can give them ideas as to some scenarios that may or could happen to you or someone you know and it might have you be a little better prepared for the future.”
To visit the interactive “WaysHome” website CLICK HERE.
