Loss Mitgation - deed in lieu - fannie mae

Affordable Housing & Community Development: Resources for Homeowner Educators: Loss Mitigation Policies: "In Resources for Homeowner Educators

Loss Mitigation Policies

Predatory Lending

Loss Mitigation Policies

There are alternatives to foreclosure. The options made available to your clients by a servicer will depend not only on their own circumstances, but on the type of mortgage they have. For an FHA or VA mortgage, possible foreclosure alternatives are set by those respective federal agencies -- the U.S. Department of Housing and Urban Development for FHA loans and the Veterans Administration for VA loans.

To determine whether your client has a Fannie Mae loan, contact the servicer. Or, you (the housing educator/counselor) may contact the Fannie Mae Resource Center at 1-800-7FANNIE (1-800-732-6643) and provide your client's property address.

If your client has a Fannie Mae loan, the servicer may discuss the following options -- again, depending on your client's situation:

Alternatives to foreclosure when your clients can afford to keep the home
Sometimes your clients may experience a temporary reduction in income or financial hardship, such as an illness. When this happens, they may temporarily be unab"