Mortgage giant Freddie Mac is tackling five big myths about foreclosure, like stopping payments will result in lenders' help, and has put out advice on YouTube.
The new series of short videos separates "foreclosure fact from fiction," Freddie Mac officials say, and in them, a housing counselor tells struggling homeowners what might happen and what they can do.
For example, one big myth is that foreclosed homeowners will never be able to own homes again. In the video, the counselor says establishing a savings and spending plan will help raise credit again, setting the foundation for successful home ownership in the future.
Click here for the videos.