It is no secret that Americans are less than pleased with the way the mortgage industry has been affected by the economy in recent years. The foreclosure crisis and underwater mortgage troubles have taken a toll on many homeowners. A recent survey has found that the level of disappointment and confusion goes deeper than once thought.
Money Management International (MMI) recently conducted a survey to learn how homeowners would deal with the issue of mortgage debt. Nearly half of all respondents said they would borrow money from a friend, 26% said they would request help from their lender and only 13% mentioned seeking help from a mortgage relief program.
Why are so many people dodging legitimate help for the temporary help of friends and family? The survey found that over half of respondents are afraid of mortgage relief scams and fraudulent foreclosures, while the remaining respondents didn’t feel that a lender or mortgage relief service could be of any long term assistance. Additionally, 45% of respondents admit to being confused by mortgage relief services and mortgage debt options.
Perhaps the most shocking aspect of what the survey found was that most homeowners either lack the knowledge needed to make an informed decision or don’t trust mortgage debt relief options. It is evident that more efforts need to be made to educate homeowners, weed out scams and illegitimate services and motivate lenders to provide a sense of willingness to homeowners in need. While we do have long way to go towards recovery, the information gained in surveys like this one can point us in the right direction of change.