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- Freddie Mac YouTube Foreclosure Myth Page
In another example of a big business utilizing social media to communicate with its customers, the mortgage giant has launched a new Freddie Mac YouTube Foreclosure Myth page in order to best reach its concerned customers. According to an article on NationalMortgageProfessional.com, the Freddie Mac YouTube Foreclosure Myth page covers the following misconceptions about foreclosure:
►Freddie Mac YouTube Foreclosure Myth Page| 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.
►Freddie Mac YouTube Foreclosure Myth Page| 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.
►Freddie Mac YouTube Foreclosure Myth Page| 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. You can also contact a HUD-approved housing counselor by calling the Homeowner’s HOPE Hotline at 888-995-HOPE (4673).
►Freddie Mac YouTube Foreclosure Myth Page| 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.
►Freddie Mac YouTube Foreclosure Myth Page| 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. Or you can choose to work with a real estate professional who can assist you with other options, such as a short sale, which can help you financially recover quicker than a foreclosure.
“Housing counselors and lenders have traditionally delivered the Get the Facts messages to consumers,” said said Dwight Robinson, Freddie Mac senior vice president of corporate relations and housing outreach.. “Today, we are utilizing a popular and powerful tool—YouTube— to deliver this pertinent information to consumers.” Let’s hope more company create customer information videos like Freddie Mac YouTube Foreclosure Myth Page to communicate with their customers via social media.