That's our story, and we're sticking to it

Another public service announcement instructing homeowners having trouble paying their mortgages to call their lenders. This one's from the Mortgage Bankers Association (which also chipped in for the NeighborWorks/Ad Council spots noted here yesterday).

The script sticks to the story the MBA has been telling Congress in recent months -- that it's unexpected events like the loss of a job or illness that are the primary drivers of foreclosures (Because really, who could have foreseen that stagnant or falling home prices might make it dang near impossible for all those people with ARM loans to refinance when their teaser rates expired?).

Narrator: "Life throws everyone lots of curves. Sometimes it's a loss of income, or an expensive health emergency. If that happens to you, call the people expecting your payment, and let them know. They'll want to work something out."

(Unless, perhaps, your loan has been bundled up with thousands of others and now serves as collateral for a mortgage backed security whose terms restrict the company that is servicing the loan on behalf of investors from engaging in workouts.)

Many lenders are doing workouts, though, and hopefully this PSA --  which the MBA says, along with some radio spots, will be seen and heard 100 million times -- will get more troubled borrowers to pick up the phone, or visit the MBA's consumer education site, HomeLoanLearningCenter.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.