More than Half of Americans Worried About Making Mortgage Payments

October 28, 2010 No Comments »

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More than half of Americans are concerned about their ability to make monthly housing payments, according to a poll conducted by the Washington Post.

The survey, which tallied responses from 1,006 randomly selected adults, found that 53 percent of respondents were either “somewhat concerned” or “very concerned” about not having enough money to make rent or mortgage payments.

That’s up from a combined total of 46 percent in February 2009 and 37 percent in December 2008.

Worry was twice as high among households with incomes of less than $30,000 compared to households with $75,000 or more.

And 75 percent of African American respondents expressed concern over payments, with 55 percent “very concerned.”

Makes you wonder how many borrowers are actually getting loan modifications or refinancing to take advantage of the ultra-low mortgage rates.

Regarding a foreclosure moratorium, those with more concerns about meeting payment obligations were more likely to support one.

Overall, 52 percent of those surveyed back such a moratorium, while 34 percent oppose it.

There was talk of a national foreclosure moratorium tied to the “robosigning” scandal that led to freezes at major mortgage lenders like GMAC and Bank of America.

But it looks as if that drama has long passed.

Despite the concern regarding housing payments, 61 percent still believe it is a “good time” to buy a home.

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