Applying for Loan Modification to Avoid Foreclosure? Need Help?

Freddie Mac recently posted a video on YouTube to inform delinquent Borrowers on what financial documents and paperwork they should have prior to calling their Mortgage Company also known as Mortgage Servicer. By providing your Mortgage Company with the necessary paperwork, it can cut down on the time needed to determine eligibility for Loan Modification under President Obama’s Making Home Affordable Program or one of Freddie Mac’s workout initiatives.

The video, “Stop Foreclosure: Documents Your Lender Needs to Help You,” is available in English and Spanish on Freddie Mac’s channel on YouTube .

The documents listed below can cut the time your Mortgage Company needs to better understand your financial situation, determine eligibility for possible workout and process your application. If you are not sure, you may want to call and obtain a list of the documents needed before you call your Mortgage Company.

• Your most recent mortgage statement
• Pay stubs or other documents that show your monthly pre-tax income
• Your most recent tax return
• Mortgage statement(s) for second loan or home equity line of credit
• Your most current balances and monthly payment amounts for accounts including: credit cards, car loans, student loans and any other debt
• Short, detailed explanation of your financial hardship that caused your mortage delinquency (loss of job, reduction in pay, divorce/separation, death, etc.)

In 1970, Freddie Mac was established by Congress to provide liquidity, stability and affordability to the nation’s residential mortgage markets.

For more information on President Obama’s Making Home Affordable program, visit Making Home Affordable – English or En Espanol – Making Home Affordable.

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