A survey conducted by this group found that many homeowners do not understand that lenders also want to avoid foreclosure. Thus, the simple step of encouraging borrowers in trouble to contact their lenders can be very productive.
The Federal Reserve and the other supervisory agencies have encouraged financial institutions to identify and contact borrowers  5  Many mortgage brokers are subject to minimum licensing standards and bonding or net worth criteria, but these standards and criteria vary across states. BIS Review 50/2007  3  who, with counseling and financial assistance, may be able to avoid entering delinquency or foreclosure.