Despite all the hoopla about foreclosure hot lines and initiatives such as Project Hope, these efforts at assisting delinquent homeowner's has had a negligible impact on foreclosure outcomes. According to a study by the "State Foreclosure Prevention Working Group," as reported by the Wall Street Journal, 70% of seriously delinquent borrowers aren't receiving any help with their payment problems.
Some lenders actually do want to offer a helping hand to lenders. Its better than the alternative of possible legal action against lenders that issued questionable loans. According to Iowa Attorney General Tom Miller, "If loan mitigation and modification don't produce fruitful results for homeowners, I, for one, would be inclined to look at litigation possibilities to secure help for homeowners."
