Loan Modification

Freddie Mac educates borrowers via YouTube

By Jay Hammond

A new video posted on YouTube on Wednesday shows borrowers how taking the time to gather a few financial documents before calling a mortgage servicer can speed the process of determining eligibility and applying for loan modification under the Making Home Affordable program or Freddie Mac’s other workout initiatives.

“America’s servicers are handling an extraordinary volume of calls from distressed borrowers seeking an Home Affordable Modification under the President’s program,” said Ingrid Beckles, senior vice president of default asset management at Freddie Mac. “By taking a few moments to gather these documents borrowers can help their servicer understand their financial situation and reduce the need for repeat calls.”

The 2-minute video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” walks late-paying borrowers through which documents they should have on hand when they call a servicer to discuss loan modification. According to the video the key documents borrowers should have when calling their servicer include:

• Most recent monthly mortgage statement;
• Pay stubs or other documents showing their household’s monthly pre-tax income;
• Most recent tax return;
• Second loan or home equity line of credit statements;
• Account balances and minimum monthly payments on credit cards, car loans, student loans or other debt;
• A short, concise description of the financial hardship that is causing or leading to a mortgage delinquency.

“Stop Foreclosure: Documents Your Lender Needs to Help You” can been viewed on Freddie Mac’s YouTube channel at www.youtube.com/FreddieMaceWeb.

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1. Stay or Go? Freddie Mac changes offer homeowners more refinancing choices
2. Mortgage Refinancing For Underwater Borrowers Now Available
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1. Stay or Go? Freddie Mac changes offer homeowners more refinancing choices
2. Mortgage Refinancing For Underwater Borrowers Now Available
3. Fed study: Obama mortgage plan should give money to borrowers, not banks

Full post as published by Blown Mortgage on July 09, 2009 (boomark / email).