Freddie Mac Releases Video Titled "Stop Foreclosure"

Freddie Mac: Stop Foreclosure Video

Yesterday, Freddie Mac released a new video aimed to help people who are in trouble with their mortgage and wondering about a loan modification titled "Stop Foreclosure: Documents Your Lender Needs To Help You".

Although foreclosures are worse in the "sand states" of California, Florida, Nevada and Arizona, people all over the country are experiencing the threat of losing their homes. No matter where you live, if you are having trouble with your mortgage and are thinking about speaking with your lender about a loan modification, this video is helpful and shows what documents are needed in the process.

With the crush of phone calls from people inquiring about a loan modification, many lenders are swamped and this video can help you know what documents you will need in order to be prepared when you call your lender.

Loan Modification: Documents Your Lender Will Need

• One of your recent mortgage statements
• Copies of your last years tax return
• A copy of recent paystubs
• Account balances and minimum monthly payments on credit cards, car loans, student loans or other debt
• A statement for any second mortgage or HELOC

Loan Modification: Hardship Letter

A well-written hardship (read: authentic) letter can go a long way to the people making the decision as to whether or not to modify your loan and will also help speed up the loan modification process. Remember, there is an actual human who works at the lender who will review your case, not a machine. Hardship letters bring out the "human story" that often can make the difference between your loan modification getting approved or denied - so don't neglect it!

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