What would you do if you couldn’t make your mortgage payments? According to a recent survey, most homeowner would first turn to family for help.
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).
Additional findings from the study include:
- 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.