Hoping to Modify Your Mortgage? Watch This Video First

• July 14th 2009

by Will Smith

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The Obama administration’s plan to keep homeowners facing foreclosure in their homes by offering mortgage modification incentives to lenders appears to have worked. At least, it has worked well enough to overwhelm lender call centers.

To help alleviate the problem, Freddie Mac last week published a short YouTube video targeted at those struggling homeowners that are considering taking advantage of the mortgage modification program. The point of the two-minute video is to show homeowners what paperwork they should prepare before they call their lender. Having all necessary documents in front of you as you speak with your lender representative will make it easier for the lender to understand your situation and more quickly modify your mortgage to lower the monthly payment (if you qualify).

Here’s the video:

And here is a handy checklist of key documents that Freddie Mac published along with the new video:

• 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

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/hoping_to_modify_your_mortgage_watch_this_video_first/1132.