Mortgage Foreclosure & Refinance Resource

More than half of borrowers who have missed mortgage payment deadlines are still in the dark about ways to avoid foreclosure, but that percentage is falling, said a survey released Thursday. Research from government mortgage buyer Freddie Mac said that 57% of late-paying borrowers are unaware of foreclosure alternatives offered by their lenders.

Beckles pointed out that delinquent borrowers should proactively call their servicers, firms that collect payments for firms such as Freddie Mac to learn what they can do to avoid foreclosure.

The survey also found increased awareness of foreclosure avoidance strategies such as repayment plans, adjustable to fixed rate mortgage conversions, and lump sum payments.

We urge potential borrows to carefully plan and figure out what size mortgage they can afford before taking out a home loan.