If you’re looking for help on your current mortgage, you probably wouldn’t think of turning to Fannie Mae. Although it’s a giant in the real estate industry, Fannie Mae has always focused more on lenders and securities, and less on individual homeowners. So I was thrilled to learn that Fannie Mae just launched a new website for people struggling to pay their mortgage. The site helps visitors clearly understand their options so they know what to do to stay in their homes. I highly recommend it.
In their website’s resources , Fannie Mae emphasizes the importance that FICO credit scores have in loan decisions. They address the impact that foreclosure and related actions can have to a person’s FICO score. And they link visitors back here to myFICO if they want a better understanding of credit scores.
Another great resource for struggling homeowners is Mortgage Relief Online. We launched that free website last year with the non-profit Homeownership Preservation Foundation and credit counseling giant MMI. It helps you determine if you might be eligible for mortgage relief under the federal government’s Making Home Affordable program.
If you’re stressed out by your mortgage, it’s important to get honest, accurate information about your options. Kudos to Fannie Mae for giving all of us a new and authoritative resource.
Author: Shon Dellinger, Vice President of Client Services for FICO, directs FICO's consumer division and leads the myFICO team.
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myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.