Fannie Mae launches new site to help homeowners

January 17, 2011 5:26:46 PM PST
This can be a huge help for distressed homeowners.

It's called "Ways Home,'' a new interactive website launched by Fannie Mae. It lets homeowners step into the shoes of three fictional characters who are trying to avoid losing their home.

Fannie Mae tells us the website helps demystify a complicated set of options -- such as mortgage modification, refinance and short sales.

"There's so much information and so many words that are flying at these borrowers and when you're already in a situation where you are strapped financially and you're distressed overall, even if you understand the concept, you don't know how to start the process," says Amy Bonitatibus from Fannie Mae.

The website guides homeowners step by step through the process of figuring out how to save their homes -- or let them go.