According to a Fannie Mae spokesman, an estimated four million homes are at risk of foreclosure this year. Last year, millions of distressed homeowners gave up and walked away from their homes due to hardships, frustration and the perceived lack of options.
An innovative online interactive video called WaysHome was released by Fannie Mae last week. Users can select a character whose mortgage scenario is similar to their own then follow the character through a series of decisions and outcomes. The strikingly realistic scenarios are played out in a neighborhood that is no stranger to foreclosure. The interactive experience includes links to checklists, a registry of approved housing counselors and other helpful resources.
The WaysHome simulator can be found at www.KnowYourOptions.com and is free to use. While there is no guarantee users will ultimately avoid foreclosure; this “virtual reality simulation model” arms homeowners with the power of knowledge. Participants will find there is an abundance of help for distressed homeowners and multiple options can be evaluated. If an exit strategy is the best option, homeowners can select an option that will be the least damaging.
This is a powerful tool for real estate professionals in “Getting America’s Homeownership Back on the Road!”