Archive for the ‘behind on mortgage’ Category

Mortgage Companies Turning to Online Video to “Educate” Homeowners

Wednesday, August 4th, 2010

I mentioned the other day that Fannie Mae has “taken to the [virtual] airwaves” to “educate” homeowners in default on their home loan.

There’s now a company offering packaged videos to mortgage servicers and credit counselors to also “educate” homeowners who are behind on their mortgage payments.

I watched their sample video.

They list the following as “Benefits of Short Sale”:

     1- More control

     2- Reduce long-term financial impact

     3- Short-term financial benefits

Of course, they don’t go into detail at all, but the overwhelming implication is that the “benefits” listed above are somehow a good deal for a homeowner who’s trying to avoid foreclosure.

Obviously, this information is relayed from the perspective of the mortgage industry.

Anyone who does an HONEST and IMPARTIAL assessment of the short sale as a solution to avoid foreclosure will conclude that the borrower actually has very little control, an improvement in the long-term financial impact as a result is dubious to downright false, and the short-term financial “benefits” are more often than not outweighed by the financial benefits of NOT cooperating during the foreclosure process.

If you’re behind on your mortgage payments and looking for ways to avoid foreclosure, you’d better THINK before you act. The first question you should ask yourself is, “WHO is providing the information, and WHAT is their agenda?”

More often than not, you’ll find that the information ranges from unhelpful to downright harmful.

If you really want the best advice, find a competent, qualified professional and PAY THEM for the service they provide. If you go the free lunch route, you won’t like the taste of the meal… or it’s “after effects.”

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