How to Stop Fannie Mae Foreclosures

Video Transcript

"You have a house with a mortgage from Fannie Mae, and you're having difficulty making the payments and you want to know how to stop what may be a pending foreclosure. Hello, I'm Robert Todd, and I'm here to answer the question: How to stop a Fannie Mae foreclosure. First of all, Fannie Mae stands for the Federal National Mortgage Association, which is the largest lender for home mortgages in the United States. And the first thing you want to do is don't ignore their letters. You want to be sure and contact them, either telephoning them or writing them and letting them know that you'd like to work something out. One of the things you can try to do is try to modify the mortgage to see if they will either lengthen the time period for the mortgage or lessen the interest rate. In either event, this will lessen your monthly mortgage payment. If that's not possible, you may explore some other mortgage modification ideas with them. And if they're not interested, you may consider trying to refinance with another mortgage company. If that doesn't work, then you may want to consider whether you want to keep the home or sell it. I'm Robert Todd, and thank you for watching."