Skip to main content

Freddie Mac Launches YouTube Channel on Foreclosure Myths

NationalMortgageProfessional.com
Mar 21, 2011

Freddie Mac has announced the launch of its own YouTube Channel featuring a series of 90- to 120-sec. videos that separate the facts from the fiction regarding foreclosure in the housing marketplace. It is based on content from the Freddie Mac Get the Facts on Homeownership education and outreach materials. "Individuals are worried about scams and fraud, and don't know who to safely turn to for help," said Dwight Robinson, Freddie Mac senior vice president of corporate relations and housing outreach. "The videos provide information and resources that just might keep individuals from losing their home. This is another way we are trying to make a difference in communities across the nation." The Freddie Mac YouTube Channel covers the following misconceptions about foreclosure: ►Myth 1: If my house is foreclosed, I can never buy a house again—the foreclosure will stay on my record forever. Truth 1: Foreclosure can have a devastating effect on your finances and you personally, but you can recover. Use the time after foreclosure to prepare yourself for successful homeownership the second time around by creating a spending and savings plan and rebuilding your credit. ►Myth 2: I should stop paying my mortgage so I can get assistance with my mortgage payments. Truth 2: Stopping payment on your mortgage only hurts your situation and can expose you to foreclosure and credit difficulties that could require years to rebuild. ►Myth 3: If I'm late on my monthly payments, I'll lose my house. Truth 3: If you have a financial hardship and fall behind, it's possible to keep your house and get back on track if you contact your lender as soon as possible to discuss your options. You can also contact a HUD-approved housing counselor by calling the Homeowner's HOPE Hotline at 888-995-HOPE (4673). ►Myth 4: I am getting many offers for help from a variety of people. They are probably all scams. Truth 4: Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their home. It's important to always open and respond to communications from your lender, particularly if you've already missed a mortgage payment. In addition, if you are in a financial crisis or facing foreclosure, make sure you work with your lender or a HUD-approved counseling agency to avoid common scams. ►Myth 5: My lender is not responding to my inquiries, so I should just give up and face foreclosure. Truth 5: Whatever you do, don't walk away, and don't give up. It may take several attempts to reach your lender because their call volume can be very high. "Housing counselors and lenders have traditionally delivered the Get the Facts messages to consumers," said Robinson. "Today, we are utilizing a popular and powerful tool—YouTube— to deliver this pertinent information to consumers."
Published
Mar 21, 2011
Home Partners Of America Launches Choice Lease Program

Home Partners of America launched its Choice Lease program aimed at addressing the affordable housing crisis and mortgage access challenges, that are faced by low-to-moderate-income families and underrepresented communities.

Industry News
Jan 17, 2022
KBRA Assigns Preliminary Ratings To OBX 2022-NQM1 Trust

Kroll Bond Rating Agency assigned preliminary ratings to six classes of mortgage pass-through notes from OBX 2022-NQM1 Trust, a $556.7 million non-prime RMBS transaction.

Non-QM
Jan 17, 2022
Zillow: Black Mortgage Applicants Denied 84% More Often Than White

Zillow recently analyzed data from the Home Mortgage Disclosure Act and found that Black mortgage applicants are denied a mortgage 84% more often than white applicants.

Analysis and Data
Jan 13, 2022
Mortgage Economic Review January 2022

The Mortgage Economic Review is a monthly summary of Key Economic Indicators, Data, and Events pertinent to Mortgage and Real Estate Professionals.

Analysis and Data
Jan 13, 2022
Fairway Independent Mortgage Corp. Puts Employees' Health First

Fairway Independent Mortgage continues to allow its employees to choose whether to return to the office or not.

Industry News
Jan 12, 2022
First American Agrees To Acquire Mother Lode Holding Co.

Acquisition would expand First American’s footprint in 11 states

Industry News
Jan 12, 2022