An intriguing new survey by the Massachusetts Association of Community Development Corporations finds that nearly one-quarter of homeowners facing foreclosure who sought counseling were able to obtain a loan modification from their mortgage lender. Drawing from 1,143 people who have sought assistance from non-profit agencies providing housing counseling, the survey also contains information about the percentage of successful resolutions, an overall satisfaction rating by counselors, and a letter grade.
An interesting study would compare these results with people who have not sought assistance from a counselor to measure the role of this assistance. I’m also curious about the nature of the loan modifications. Nonetheless it presents a window to what’s happening at the local level – thousands of homeowners facing hard choices and negotiating with lenders to find solutions.
> Boston Globe: “Lenders graded on response to troubled homeowners”