During times of distress, homeowners should be aware of a common fraud known as "foreclosure rescue fraud."
In this scheme, someone may offer false promises of being able to save your home from foreclosure or guarantee a loan modification with a reduced mortgage payment. Common elements of this fraud include the fraudster:
Loan modification scams may operate similarly as fraudsters collect an upfront fee and promise to work with your loan servicer to obtain a modification with a reduced payment on your behalf.
If you have been contacted by someone other than your loan servicer (the company listed on your mortgage statement) who is offering to provide mortgage assistance, do not provide your information.
To help avoid fraud:
If you have been contacted by someone claiming to represent Freddie Mac, report it here. Freddie Mac will never reach out to offer a refinancing opportunity or new loan over the phone.
If Freddie Mac owns your mortgage and you are a homeowner that has been affected directly or indirectly by COVID-19, mortgage relief options are available.
Sign up to receive the latest news, tips, and insights from Freddie Mac.
In times of crisis, Freddie Mac is here to be a stabilizing force in the housing markets. When others might take a step back, we take a step forward, and that was certainly the case in 2020.
The effectiveness of our risk management and our innovative approach to tailoring transactions to investor needs and market conditions demonstrate our ongoing commitment to leadership in this asset class.
Freddie Mac delivered a strong performance in 2020 while supporting the housing market and families affected by the pandemic.
Across all sectors in housing, we’re experiencing a technology transformation that is increasing velocity, reducing cost and improving quality. In fact, the pace of change throughout the mortgage process has been steadily accelerating, and that trajectory is likely to continue in years ahead.