Know your options

This is a Sponsored post written by me on behalf of Fannie Mae for SocialSpark. All opinions are 100% mine.

If you are falling behind on your mortgage payments it is a good idea to find out what alternatives you have available.  KnowYourOptions.com is a good resource for you or someone you know who is having financial trouble.

There are several areas that may be of interest:

Options to stay in your home - These options include refinance, forbearance, modification and deed-for-lease. 

Options to leave your home - These options include short sale [which is when you sell your home for less than the balance remaining on your mortgage] and deed-in-lieu [which is when you voluntarily transfer the ownership of your property to your mortgage in exchange for a release from your mortgage loan and payments.

The "Beware of scams" section lists both resources [such as phone numbers to HUD approved counseling agencies] as well as scams to look out for.

There is even a pretty cool video simulation called WaysHome that puts you in the role of a homeowner who is in financial distress.  You make decisions and the simulation provides the outcomes both good and bad based on your decisions.  It is a pretty effective learning tool.

Know Your Options by Fannie Mae is a great website to inform yourself about the options that are available.  It is very important to gather information for yourself and maybe turn to an expert to help you make a decision as to what to do when your finances make it difficult to stay in your home.