Freddie Mac has a new private channel on YouTube.com,  the feature presentation being a short video which shows step-by-step which documents borrowers should have on hand when they call their servicer to discuss potential loan modifications.

The two minute video, entitled, “Stop Foreclosure: Documents Your Lender Needs to Help You,” is available in both English and Spanish versions and is available for viewing at Freddie Mac’s channel at:

http://www.youtube.com/FreddieMacWeb

The purpose of the video is to emphasize to potential applicants for loan modifications for the “Making Home Affordable” program, or other Freddie Mac workout initiatives, how to effectively prepare for their initial call to their mortgage servicer to discuss loan modification. The video provides a detailed list of what financial documents an applicant should gather prior to the call, and explains how this preparedness may cut the time needed to determine their eligibility and process their loan modification application.

Specifically, the video recommends that the following documents be present:

• copy of latest monthly mortgage statement
• copy of latest paycheck(s) for those in the household showing monthly pre-tax income
• copy of most recent income tax return
• copy of most recent statements for for second loan or home equity line of credit, if applicable
• information (balance and minimum monthly payment) on all other debt including car loans, student loans, credit card or other debt

The video further suggests that potential applicants compose a short written description of the reasons for their financial hardship that has lead to, or is leading to, a possible delinquency on their mortgage.

For more good information on loan modifications and restructuring programs, read this blog post.

Detailed information on the “Making Homes Affordable” Program introduced by the Obama administration can be found at the program’s website www.makinghomeaffordable.gov or you can call 888-995-HOPE directly.

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