Foreclosure concerns dominate the headlines. Statistics and reports continue to illustrate the impact foreclosures are having on the real estate market. The number of homes under foreclosure, the number of homes facing potential foreclosure, and the influence foreclosures have on overall home prices are discussed in news article after news article. Mortgage servicers and foreclosure processing have come under fire lately for potential issues in the manner in which foreclosures have been handled recently.
Through all of this, various myths have arisen. The great thing about the internet is also it’s downfall – anyone can quickly post anything and have it accessible anywhere. We can get some fantastic information from the internet, but we can also be told things that are simply not true. Because few people are experts in foreclosure, Freddie Mac has provided a series of videos to address some of the most common myths and misconceptions about the foreclosure process and its long-term impact on your financial well being. Below you will find the myths and a link to the video that addresses it.
Myth 1: If my house is foreclosed I can never buy a house again; the foreclosure will stay on my record forever.
Click here to see the video for Myth 1.
Myth 2: I should stop paying my mortgage so I can get assistance with my mortgage payments.
Click here to see the video for Myth 2.
Myth 3: If I miss even one payment I could lose my house.
Click here to see the video for Myth 3.
Myth 4: I am getting many offers for help from a variety of people. They are probably all scams.
Click here to see the video for Myth 4.
Myth 5: My lender is not responding to my inquiries. I should probably just give up and face foreclosure.
Click here to see the video for Myth 5.
For more information, please visit the Freddie Mac website.