For comprehensive information on preventing foreclosure, see the County's Department of Housing and Community Affairs' Preventing Foreclosure webpage.
One of the nations largest investors in residential mortgages, Freddie Mac (NYSE: FRE) decided to produce an Internet video dramatizing a common foreclosure fraud scheme after a new survey found one-in-four delinquent borrowers go to the Internet before their bank or lender for information about avoiding foreclosure.Freddie Macs anti-fraud video can be found by clicking here.
Freddie Macs two-minute YouTube video uses professional actors to demonstrate how con artists can:
·Get copies of foreclosure notices at City Hall or a county courthouse;
·Persuade distressed borrowers to give up the deeds in exchange for suspicious promises to solve their financial problems;
·Use the deeds to secure new loans for themselves; and,
·Let the new loans go into foreclosure, which means the homeowners looking for help can still end up losing their house.
For more Information, go to Freddie Mac's website:
Also, you can view informational Public Service Announcements on foreclosure produced by Neighbor Works.