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Freddie Mac's Foreclosure Myth #3: Get the Facts on Foreclosure

By Kent Dills

Real Estate Agent with Broker, Dills Real Estate

March 22, 2011 04:24 AM

Freddie Mac's Foreclosure Myth #3: Get the Facts on Foreclosure

Synopsis:

Myth #3 addresses a worried homeowner's concern about whether (or not) they can lose their home if they've only missed one mortgage payment.

Details:

As a licensed real estate broker in the state of Texas, it's my job to stay up with the current market trends and sources of such data. One of the best current resources on foreclosure information is Freddie Mac. No one should be surprised by this as Freddie along with Fannie Mae owns (as the investor behind the loan) about 66% of all real estate mortgage loans.

As such, it should also be no surprise that Freddie would want to go straight to mortgage holders (i.e., the homeowners) with straight shooting information on home foreclosures as THIS IS A REALITY in neighborhoods all over the country right now.

FYI:

You can see links to previously covered Freddie Mac Foreclosure Myths below the video that is the subject of this video.

Having said all that, please what this informative video from Freddie Mac on what they are calling foreclosure myth #3

Links to previous videos:

Foreclosure Myth #1 - Foreclosure Impact on Credit?

Foreclosure Myth #2 - Should I Stop Making My Mortgage Payment?

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Jimmy Katz

Wynd Realty & Katz Realty Group - Alpharetta, GA

"REAL Solutions for Real Estate!"

unfortunately, alot of these banks have been operating with such impedence that some of these myths are realities, although not legal

Mar 22, 2011 04:26 AM

Kent Dills

Broker, Dills Real Estate - Bellingham, WA

Real Estate 817-495-8028, Bellingham, Washington

James, believe me I HEAR WHAT YOU'RE SAYING! ;-)

But, I've run up against all these myths during the course of the 30 short sales I've closed and it's all part of the negotiating process. A good short sale negotiator will overcome or address any and all myths. We often have to escalate above the inexperienced/novice bank loss mitigator to get things done legally, correctly, and with common sense!

That's why we get paid the big bucks - right? Said with a firm tongue in my cheek - of course.

Mar 22, 2011 04:32 AM

Paul Stokes & Dean Rooke | Del Mar, Solana Beach & Cardiff Real Estate

Harcourts JADE Properties - Del Mar, CA

Kent, thanks for addressing some great questions with to-the-point answers. You would think freddie and fannie and lenders in general would do more to educate the consumers.

Mar 22, 2011 04:34 AM

Thanks Paul and Dean for noticing my post and thanks very much for the kind words.

We - as agents and brokers - need to be the front-line for educating homeowners. No one else feels the need or responsibility like we do!

Mar 22, 2011 04:42 AM

Freddie Mac's Foreclosure Myth #3: Get the Facts on Foreclosure

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