By US Daily Review Staff.
Money Management International (MMI) recently conducted a national housing survey to learn how homeowners would act if they were struggling with mortgage payments. Survey respondents said they would first seek help from family or friends (50 percent) followed by their lender (26 percent) then from housing counseling or mortgage relief program (13 percent).
When asked about concerns regarding available resources and options for mortgage assistance, survey respondents stated they were concerned about scams/fraudulent services (53 percent), that the services would cost them money that they couldn’t afford to pay (51 percent), and that the process was confusing or they would choose a solution they did not fully understand (45 percent).
“Homeowners face real concerns when considering who to turn to for help with mortgage troubles,” said Jo Kerstetter, vice president of education and community relations for MMI. “For the millions of homeowners who still face possible foreclosure, it is important to remember that quality help is available for free from HUD-certified housing counselors nationwide.”
Additional findings from the MMI’s national study:
- 25 percent reported they or someone they know needed assistance making mortgage payments during the last four years.
- 57 percent would seek help only after a job loss, 35 percent if they knew they would miss at least one mortgage payment, and 27 percent if they had missed one mortgage payment
- 63 percent of respondents who sought help did so when they were 1 to 3 months behind on their mortgage payments. 22 percent were 4 to 6 months behind, and 4 percent were 7 or more months behind before they sought help.
Free and safe foreclosure prevention help is available. Homeowners who have questions or concerns about their mortgage payment or loan should consider meeting with a HUD-certified housing counselor to discuss their options.
The survey was completed April 20 – 23 by 1,019 persons nationwide. To learn more about the survey or to download a copy, visit MoneyManagement.org.