by Mark Johnston
In a bizarre but potentially quite savvy move from Freddie Mac, they have gone on the record to clear up some myths about repossessions. This week Freddie Mac have launched their very own YouTube Channel with brief 90 to 120 second streamed videos.
This is an attempt by Freddie Mac to dispel some of the common myths and misconceptions the general public has about their foreclosure and repossession process and policies in the housing market. Their short videos are based on the details and facts previously published on their Freddie Mac Gets the Facts on Homeownership education and outreach materials.
The senior vice president, Dwight Robinson, of Freddie Mac’s Corporate Relations and Housing Outreach sector reported that “Individuals are worried about scams and fraud, and don’t know who to safely turn to for help”. If your house is getting repossessed, I would guess finding hints and tips on YouTube would be the furthest from your mind at that stage but at least they are attempting to dispel some concerns that have been raised.
Dwight went on to advise that “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.”
What are these myths and what does Freddie Mac have to say about them.
►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.
►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.
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