According to RealtyTrac, a national foreclosure research firm, South Carolina foreclosures were up more than 34 percent in the first half of 2010 as compared with the same period in 2009. Overall, the state ranked 20th among states for the rate of homes facing default notices or repossessions by banks. In an effort to help those facing foreclosure, Fannie Mae is launching the new website “KnowYourOptions.com” to educate consumers about the range of options available to them in lieu of foreclosure. Fannie Mae communications Director Cristina Miranda says the information provided on the website will work as a guide for struggling homeowners seeking to contact and work with their mortgage company or housing counselor.
According to the RealtyTrac report, one out of every 117 homes in South Carolina was in a state of foreclosure or pre-foreclosure action.
Miranda says many homeowners who find themselves in tough financial straights are petrified with fear at the prospects of having to contact their mortgage company. Miranda says the information provided on the website will help homeowners understand that mortgage lenders are able and willing to work with them to help them keep their home. Miranda says when dealing with possible foreclosure that homeowners, with the help of information from the website, will learn the importance of being proactive in order to find the best solution for their situation.
Miranda warns those facing foreclosure not to fall prey to scammers seeking to take advantage of struggling homeowners. Homeowners may also call the toll free Hope Now hotline for help, 1-888-995-4673.