YouTube It: Foreclosure Myths and Scams

by devteam March 22nd, 2011 | Share

Freddie Mac is now publishing YouTube videos to share information with thernpublic about foreclosure myths and scams. </p

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 borrowerrnto 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 informationrnthe consumer should have available when making that call, and also directs thernconsumer toward a HUD-approved housing counselor for more information. </prn<p
Myth 1:  If my house is foreclosed I can never buy a house again; the foreclosure will stay on my record forever.

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Myth 2:   I should stop paying my mortgage so I can get assistance with my mortgage payments.

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Myth 3:  If I miss even one payment I could lose my house. 

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Myth 4:   I am getting many offers for help from a variety of people. They are probably all scams.

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Myth 5:  My lender is not responding to my inquiries.  I should probably just give up and face foreclosure.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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