Over the past year, Fannie Mae has been developing a new program aimed at keeping homeowners in their homes and preventing foreclosures. Fannie Mae is already using the program, known as Know Your Options Customer Care, with some of its biggest servicers and expects to use it with more servicers in the near future.
Some of the key components of the Know Your Options program include training loan servicers to:
The loan servicers who have already begun participating in this program are reporting a 20-30 percent increase in loan workouts prior to foreclosure. The program will be available to Fannie Mae servicers at no charge.
In addition to the Know Your Options program, Fannie Mae is also reportedly fighting foreclosures by:
Our Minneapolis foreclosure lawyers hope that these initiatives provide many homeowners in Minnesota and throughout the country with the relief they need during these difficult economic times.