ACORN Deal With Lenders To Make Mortgage Loan Workouts Easier

The Boston Herald reports:

• "The activist group ACORN plans to announce a deal ... with 29 lenders to make it easier for people [who are financially strapped] to seek “workouts.” That’s where banks give those in trouble breaks, such as lower loan rates, to avoid foreclosure."

The plan is designed to cut through all of the red tape when dealing with financial institutions by avoiding dealing with banks’ customer service representatives or collection agents who are generally powerless to negotiate loan workout agreements. The lenders in this deal have agreed to give ACORN names of specific employees to deal with on workouts. Banks are also providing detailed instructions on how people can apply for help.

For more, see ACORN deal with lenders eyes easier ‘workouts’ (no longer available online).