The third installment of our foreclosure myths videos courtesy of Freddie Mac.
With all the fear and disinformation surrounding losing your home, some homeowners mistakenly believe that just one late payment leads to foreclosure. This is not true. However, if you do fall behind it is in your best interest to contact your bank immediately to explain your situation and begin working on a solution that works for both of you. The banks don’t want to take your home anymore than you want to lose it.