Freddie Mac is now publishing YouTube videos to share information with the public about foreclosure myths and scams.
In each video a housing consumer presents a myth which a Freddie Mac housing counselor then responds to with facts and concrete guidance. In the third video for example, the counselor tells a borrower that one late payment will not trigger a foreclosure. He then advises the borrower to immediately contact his lender if missing a payment was inevitable. He offers a short explanation about what will be discussed on that call, a list of the information the consumer should have available when making that call, and also directs the consumer toward a HUD-approved housing counselor for more information.
Myth 1: If my house is foreclosed I can never buy a house again; the foreclosure will stay on my record forever.
Myth 2: I should stop paying my mortgage so I can get assistance with my mortgage payments.
Myth 3: If I miss even one payment I could lose my house.
Myth 4: I am getting many offers for help from a variety of people. They are probably all scams.
Myth 5: My lender is not responding to my inquiries. I should probably just give up and face foreclosure.