Financial counseling improves the long-term sustainability of a loan by reducing the redefault rate, according to a new report by NeighborWorks America. Homeowners who received National Foreclosure Mitigation Counseling were twice as likely to get a mortgage modification than homeowners without counseling. And counseled borrowers were 67 percent more likely to remain current on their mortgage nine months after the mod. Annual savings for families with loan modifications could reach up to $2,100. The report contended that, despite the big savings accrued through modification, borrowers...