Consumers Are "Unaware" That Lenders Can Help Them Avoid Foreclosure

A new survey from Freddie Mac says that 57% of delinquent homeowners are unaware of so-called “workout” options that could help them avoid foreclosure.

Here’s the messed up part… 57% is an improvement.

That percentage was down from the 61% reported in the first Freddie Mac/Roper survey in 2005.

“Efforts to get borrowers to call lenders and counselors are starting to work,” said Ingrid Beckles, Freddie Mac’s VP of Servicing and Asset Management.

But, she added, “Too many at-risk borrowers are still unaware their servicers routinely provide alternatives.”

Maybe Consumerist should start a program called, “Inform Your Clueless Friend…”Every time we post survey results that indicate that people are not in possession of basic information, you’d call your most clueless friend and tell them about the digital TV conversion, or that they should pro-actively call their lender and try to negotiate if they ever find themselves broke and about to be tossed out on the street. Think that would help?

Many unaware of mortgage help: Freddie Mac [CNNMoney]

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