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by CareyBot

Nearly two-thirds of borrowers behind on their payments are unaware of the workout options available to them, according to a study by Freddie Mac, the company said today. The mortgage giant conducted the study to find out why late-paying borrowers risk losing their homes rather than contacting their mortgage servicers. The borrowers never contact their lender in more than half of all foreclosure cases, according to Freddie Mac. The survey, conducted by Freddie Mac and Roper Public Affairs and Media, was undertaken to help find out why, Freddie Mac said. The Freddie Mac/Roper survey found that 75 percent of the delinquent borrowers surveyed recall being contacted by their servicers, the government-sponsored enterprise said. Mortgage servicers collect monthly housing payments on behalf of ...