Most Oppose Walking Away from Mortgage

According to an article in the San Diego News a recent poll showed that 59% felt it is ‘unacceptable’ to walk away from a mortgage.  This was the findings of the Pew Research Center poll.

2,967 adults were surveyed during the second half of May.   59% said they believed it was wrong for a homeowner to stop making their mortgage payments and surrender their home to a lender.  19 percent said it was OK to walk away and 17 percent said it depended on the homeowner’s circumstances.

Acceptable reasons for walking away were:

  1. Not enough money to meet expenses (22 percent)
  2. Just enough to meet basic expenses (25 percent)
  3. Meeting expenses with a little left over (19 percent)
  4. Or live comfortably (14 percent).

Of those surveyed, 21 percent said their mortgages were more than the value of the house, while 48 percent said their home had lost some of its value. To read the full article click HERE.

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