debtconsolidationconnection.com
501 (c)(3) non-profit Organization
Free Consultation
Pew survey shows more homeowners bailing on mortgages
09/17/2010
As more homeowners find themselves under water, paying more for their mortgages than the value of their property, many are beginning to think it's a good idea to just walk away. A Pew Research Center survey released this week determined nearly one-third of Americans thought that under certain circumstances, it was acceptable to stop paying a mortgage.
Although 59 percent of respondents said it was unacceptable, 19 percent said it was a reasonable option while 17 percent said it was acceptable under the right circumstances. More than 20 percent of homeowners across the U.S. now owe more on their mortgages than what their houses are worth, according to the survey.
Falling home values stemming from the collapse of the housing market more than two years ago have a direct link to the number of property owners under water, Pew notes. Americans have also been struggling with debt from other expenses, such as credit cards and student loans, since the 2008 recession.
Those who have not considered debt consolidation or counseling run a higher risk of falling behind on mortgage payments. Mortgage giant Fannie Mae has begun suing "strategic defaulters," defined as homeowners who can afford their home loans but choose to walk away.
More Debt Consolidation News
