Know Your Options

This is a Sponsored post written by me on behalf of Fannie Mae for SocialSpark. All opinions are 100% mine.

By now it's no secret that  I have had trouble with paying bills over the last couple of years.  Although, the reason why has only recently come to light, it doesn't change the fact that it happened.  I ended up to be upside down in my mortgage. Because I had originally borrowed money in an Adjustable Rate Mortgage, and because the housing market took a nose dive two years later, I owed more on my home than what it was worth. I couldn't make the payments, and I was so far behind that foreclosure was eminent.

would have helped if I had known what options, resources, and tools that were available to me at the time.  A website like KnowYourOptions.com would have saved me time, money, and grief.  I did not know a thing about short sales until after my whole ordeal was over.  A short sale is where you quickly try to sell your home, even if it's for less than what you owe on the Mortgage.  This can help you reduce what you owe in the end.  Another option is a DIL, or Deed in Lieu.  This is where you transfer the name on your deed to the owner of your mortgage to  be released from the payment responsibilities.  Each of these options have their own benefits.

Thankfully, I didn't fall for any scammers who were trying to get even more money out of me.  I had plenty of them call and try though!  Something about a process where you have to spend money to save money just didn't seem right to me.  This is one of the key things to look for when trying to identify a scam, according to KnowYourOptions.com.

I encourage anyone who is considering walking away from their mortgage to explore Know Your Options by Fannie Mae and get to know all of the available options.  If you can gather all of your information, you'll be more likely to make the wisest decision.