Avoiding Foreclosure

Take Action Now to Avoid Foreclosure

If you are struggling with your mortgage payments or facing foreclosure, you may feel overwhelmed and frustrated. Many homeowners simply don’t know what to do or where to go for assistance, and they feel too helpless to take action. We understand and we’re here to help.

Get Educated: Know Your Options™

Fannie Mae has created KnowYourOptions.com to help homeowners looking for mortgage assistance. We’ve made it easy to find the information you need, so you can get help before it’s too late. Use the Options Finder to learn more about the options that are available to help you avoid foreclosure. These include options to stay in your home (refinance, repayment, forbearance, loan modification) and options to leave your home while avoiding foreclosure (short sale or deed-in-lieu of foreclosure).

Be sure to bookmark the option(s) that applies best to your situation. It may help to have this information handy when speaking with your mortgage company. You can also use our helpful calculators to better understand how some options may benefit you and your specific situation.  

And try our interactive video simulation, WaysHome™, where you can participate in real-life homeowner scenarios that walk you through foreclosure prevention options and show you the positive outcomes or negative consequences of your actions.

Gather Your Information

After you’ve reviewed your options, you will need to gather your basic financial and loan information to discuss your situation with your mortgage company (this is your servicer). When you call your mortgage company, you’ll need:

• Your mortgage statements, including information on a second mortgage (if applicable)
• Your other monthly debt payments (e.g., car or student loans, credit card payments)
• Your income details (paystubs and income tax returns)

 Contact Your Mortgage Company

You should now contact your mortgage company to discuss your situation. Your mortgage company will need to understand the reasons you are having difficulty so that it can find the right solution for you. Be prepared to share your hardship and explain why you are having trouble making your mortgage payments. You’ll also want to share if it is a short-term or long-term problem.

You can use the search tool at KnowYourOptions.com to find the contact information for your mortgage company or you can look for contact information on your monthly mortgage statement.

Need More Help?

Our Mortgage Help Centers have been established to help homeowners with loans owned by Fannie Mae. At a Mortgage Help Center, you can meet directly with dedicated on-site staff and experienced housing advisors to discuss your mortgage situation. English and Spanish advisors are available, and all services offered by the Fannie Mae Mortgage Help Center are FREE. Click here to find a Center near you and make an appointment.

Service members can visit www.KnowYourOptions.com/military or call the Fannie Mae Military Support Hotline — 877-MIL-4566 (877-645-4566) for additional information.

Steps to Get the Help You Need

1. Visit KnowYourOptions.com for helpful forms such as a Financial Checklist and Call Log to help you better prepare.

2. Gather your information
Gather the information you will need to give to your mortgage company – income information for all borrowers, other debts or monthly payments you have, and the reasons for and status of your financial hardship.

3. Contact your mortgage company
Call your mortgage company for assistance as soon you can – even if you are just beginning to have difficulty with your payments.

4. Other resources
If you are having difficulty contacting or working with your mortgage company, you can contact the Fannie Mae Resource Center at 1-800-7FANNIE (1-800-732-6643), a Fannie Mae Mortgage Help Center near you, or a HUD-approved housing counselor for assistance. If you are a member of the military, you can visit www.knowyouroptions.com/military or call the Fannie Mae Military Support Hotline — 877-MIL-4566 (877-645-4566) for more information.