One in Ten Americans is Having Trouble Making Mortgage Payments

By Mortgage Outreach Staff

One in every ten Americans is struggling to make his or her mortgage payments. Only 58 percent of Americans said they would call their bank to ask for help if they missed a payment. Fifteen percent would say nothing and try to get back on track alone, according to a new survey from MortgageOutreach.org. The survey points to an ongoing need for borrower-friendly educational resources.

“More than 50 percent of Americans know someone who has been affected by the current mortgage crisis yet nearly half of our survey respondents would still choose ignoring the problem to calling their bank. Consumers are confused and think their banks don’t care, but no one wins with foreclosure,” said Steve Ozonian, Executive Chairman of MortgageOutreach.org.

Other survey highlights include:

Forty-one percent of Americans blame greedy lenders for the current crisis.
Thirty-one percent believe the problems are primarily caused by the current economy and job losses
Nineteen percent believe the mortgage crisis is based on personal failure citing bad financial decisions and lack of responsibility
Public attitudes towards foreclosure appear to be shifting as more Americans are touched by the impact of the recession. Half of Americans agree that they used to view foreclosure negatively but with so many people going through it their views have changed.
On a positive note, 70 percent of respondents believe the recession and mortgage crisis have opened doors for people looking to find good deals on homes.