ROCKFORD (WIFR) -- About 10% or 30 homes out of the over 3,000 home loans at Blackhawk Bank are in foreclosure. But for every foreclosure, about 2 1/2 mortgage modifications are being approved.
Out of the 50 modifications done this year, less than 10% of those borrowers re-defaulted. The average mortgage was lowered by $200. Blackhawk's Dave Adkins says banks are willing to work with borrowers, but if you have no income, chances of saving your home are slim.
"We can work with limited, we can work with reduced, but if they basically say I'm not going to be able to pay you at all, it's a little hard to work with that. There really is no good long term solution for that because it's hard to keep someone in their house, when it's an unknown time window."