WASHINGTON – April 6, 2011 – Some underwater Americans – people who owe more on a loan than their home is worth – opt to walk away from their mortgage. But a new survey finds Americans don’t agree with homeowners who make that choice.
Sixty-percent of Americans say it’s “never OK” for homeowners to stop making payments on their mortgage, according to a new survey of 1,000 American adults by FindLaw.com, a legal information website. However, 34 percent say it’s OK for homeowners to walk away from their mortgage if they are no longer able to make their monthly payments.
Only 3 percent of those surveyed said homeowners should be able to walk away from their mortgage anytime they want.
“Many homeowners are currently facing very difficult and complicated situations involving their home mortgage, in some cases even including the threat of foreclosure,” says Stephanie Rahlfs, an attorney and editor for FindLaw.com. “But before making any major decisions, homeowners should consult with financial and legal professionals, including accountants, real estate attorneys and financial advisers. Any major change to a mortgage situation could lead to serious and unanticipated consequences involving taxes, contract law, credit scores, ability to borrow in the future, potential for lawsuits and much more.”
Source: “Most Americans Opposed to Homeowners Walking Away From Mortgages, Says New FindLaw.com Survey,” FindLaw.com (April 5, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
Sixty-percent of Americans say it’s “never OK” for homeowners to stop making payments on their mortgage, according to a new survey of 1,000 American adults by FindLaw.com, a legal information website. However, 34 percent say it’s OK for homeowners to walk away from their mortgage if they are no longer able to make their monthly payments.
Only 3 percent of those surveyed said homeowners should be able to walk away from their mortgage anytime they want.
“Many homeowners are currently facing very difficult and complicated situations involving their home mortgage, in some cases even including the threat of foreclosure,” says Stephanie Rahlfs, an attorney and editor for FindLaw.com. “But before making any major decisions, homeowners should consult with financial and legal professionals, including accountants, real estate attorneys and financial advisers. Any major change to a mortgage situation could lead to serious and unanticipated consequences involving taxes, contract law, credit scores, ability to borrow in the future, potential for lawsuits and much more.”
Source: “Most Americans Opposed to Homeowners Walking Away From Mortgages, Says New FindLaw.com Survey,” FindLaw.com (April 5, 2011)
© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
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