By BOB TEDESCHI
SINCE foreclosures started to rise sharply in 2007, struggling borrowers have been offered a lot of help online. Some is well-meaning, but some is simply a scam in the form of expensive “debt relief” services that may be offered free elsewhere.
This month Fannie Mae, the government-sponsored entity that helps set lending standards for most mortgages, started a Web site,KnowYourOptions.com, that has elements setting it apart from most of those aiming to prevent foreclosure. Everything on the site is available in Spanish or English, for example, which helps to reach the large number of Hispanic borrowers who mortgage executives and analysts said were the targets of subprime lenders in 2005 and 2006.
In some areas of the site, a guide offers videotaped explanations of what users might accomplish in that section. For instance, in a section titled “Take Action,” the spokeswoman advises among other things that “you can’t get help until you contact your mortgage company,” while explaining how to get started.
To encourage borrowers to take that step, the site includes video testimonials from people who have experienced similar issues. A section on forbearance, for instance, features a video from an owner who qualified for such help, and one from a housing counselor about the process…Read more.
