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New bilingual Fannie Mae site helps Latinos know their options before losing home to foreclosure

LatinaLista — More Latinos, than any other group, have lost their homes to foreclosures. A study released in June 2010 by the Center for Responsible Lending found that Latinos and blacks were marketed much riskier and higher cost mortgage loans that became too expensive to pay when the economy started to tank.

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Of the total pool of homeowners, 17% of Latinos have lost their homes to foreclosure or are at imminent risk of losing their homes, while 11% of African-Americans are in that position. By comparison, 7% of non-Hispanic whites have lost their homes or are about to.

The researchers found that more than eight in ten of these home foreclosures were on families still living in their homes.

The sad thing is that many of these families didn’t have to lose their homes if they knew where to turn for help. Realizing that families about to lose their homes are under stress and are confused about what can be done to help them keep their homes or even leave their homes, Fannie Mae just launched a new bilingual web site called Know Your Options.

Billed as a one-stop-shop for distressed homeowners, the site is packed with useful, practical information. As mentioned before, it’s in both Spanish and English and to make it even easier there is a virtual hostess who walks visitors through the site explaining the various topics presented.

In addition, the site offers:

Interactive tools to help homeowners identify which option may be right for their situation.

Financial calculators to explain how many of the options work.

Video of real homeowners discussing how they got help.


Housing counselors providing advice.

There’s also a section entitled “Take Action” where forms and to-do checklists are downloadable to be printed out, filled out and checked off as people come to the best resolution for them and their families.

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