YouTube It: Foreclosure Myths and Scams

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.