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 (www.MakingHomeAffordable.gov) or Freddie Mac's other workout initiatives (FreddieMac.com/avoidforeclosure).
The new Freddie Mac video, "Stop Foreclosure: Documents Your Lender Needs to Help You," can also be seen on Freddie Mac's YouTube page (http://www.youtube.com/FreddieMacWeb). It shows step-by-step which documents borrowers should have on hand when they call their servicer.
Key documents:
* Most recent mortgage statement
* Pay stubs/other documents showing household's monthly pre-tax income
* Most recent tax return
* Second loan/home equity line of credit statements
* Balances and minimum monthly payments on credit cards, loans or other debt.
* Short, concise description of the ...
