Freddie Mac YouTube Video Shows Delinquent Borrowers How to
Freddie Mac YouTube Video Shows Delinquent Borrowers How to Make More Effective Phone Calls to Servicers Video Shows Key Documents That Can Reduce Need for Repeat Calls Freddie Mac posted a new video on YouTube.com that shows late-paying borrowers how gathering a few financial documents before calling a mortgage servicer can cut the time needed to determine their eligibility and process their application for a loan modification under President Obama’s Making Home Affordable program or Freddie Mac’s other workout initiatives.
The new Freddie Mac video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” can be seen here and also on YouTube. It shows step-by-step which documents borrowers should have on hand when they call their servicer. These documents can cut the time a servicer will need to understand the borrower’s situation, determine his or her eligibility for a workout, and process the application.
According to the video, the key documents borrowers should have when they call their servicer include:
* Their 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.
“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.”
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