Struggling homeowners worry about mortgage relief help
Survey respondents said they would first seek help from family or friends (50 percent) followed by their lender (26 percent), and then from housing counselors or a mortgage relief program (13 percent).
When asked what worried them about options for mortgage assistance, survey respondents said they were concerned about scams/fraudulent services (53 percent); that the services would cost them money they couldn’t afford to pay (51 percent); and that the process would be 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,” says 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:
• 25 percent of homeowners or someone they know needed assistance making mortgage payments during the last four years.
• 57 percent of owners would seek help only after a job loss; 35 percent only if they knew they would miss at least one mortgage payment; and 27 percent only after they had missed one mortgage payment.
• 63 percent of respondents who sought help did so when they were 1 to 3 months behind on mortgage payments; 22 percent were 4 to 6 months behind; and 4 percent were 7 or more months behind.
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.
© 2012 Florida Realtors®
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