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Preventing Foreclosures through New Website

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By : Scott Zahid    99 or more times read
Homeowners are to be acquainted with various options to avoid foreclosures by a new website. Named as “Wayshome”, it is a product of government sponsored mortgage giant Fannie Mae.

The website motivates struggling homeowners to arrive at the right decision and prompts them to look for help during times of difficulty. It is estimated that in 2011, around 4 million homes may be foreclosed upon, impacting borrowers belonging to all income levels, ethnicities and communities.

Amy Lewis, foreclosure specialist with Action agency for Northwest Michigan Community, pointed out that foreclosures in North Michigan are at a record high and the new website may help transform the situation.

According to Lewis, “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 points out that the “Wayshome” website, which is interactive, will help homeowners in Northern Michigan combat foreclosure. This new technological product helps people learn about early measures that can help reduce negative impact.

The website will help homeowners overcome part of the hesitation attached to their efforts to contact their lender or loan servicer. Like a tool for learning, the home owners are able to play out themselves in real life simulated scenarios by selection of a character. Thereafter, they must answer questions series, which will be followed by the result of their decision played out before them. After this, the video provides information regarding plans for payment, loan modifications, short sales and forbearance.

The website will also educate you about items to collect before you start calling your lender. It also has a servicer call-log which permits you to keep tabs on who you talked to and what has occurred between you and the mortgage company.

Lewis plans to advise more and more of her clients tackling foreclosures to use this tool to better their situation. According to her, “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.”

The stories are played out in a neighborhood which has been impacted by the foreclosure crisis. Users have to choose between three characters experiencing three different stages of financial crisis, take decisions on their behalf and view the results of their choices in a re-enactment in a video form. Links, tools and tips are given and users can move backwards and revise their choices in order to learn about the impact of different choices.

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