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Fannie Mae videos promote foreclosure alternatives

WaysHome dramatizations let distressed owners play out options

Fannie Mae has launched an interactive video simulation tool to inform struggling homeowners about their options to avoid foreclosure. Called WaysHome, the tool is part of KnowYourOptions.com, a new consumer site Fannie Mae set up for homeowners who are underwater or having trouble paying their bills or mortgage payments. "In 2011, an estimated 4 million 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's senior vice president, in a statement.Site users follow actors who play three residents of a neighborhood: Richard Lane, who is delinquent on his mortgage and thinking about leaving his home; Jackie Williams who is struggling to keep up with her mortgage payments; and Miguel Gonzalez, who is underwater and thinking about refinancing. Users help them make decisions, and i...

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