A new survey released by MortgageOutreach.org, which has ties to a loan modification firm, revealed that only 58 percent of respondents would contact the bank or loan servicer immediately if they had trouble making mortgage payments.
The next most common response was saying nothing and working to get back on track as soon as possible (15%), followed by borrowing the money to avoid missing a payment (11%).
While most would contact their bank or mortgage lender, the fact that another seven percent would try to keep paying until receiving a delinquency notice and another three percent would ignore the situation isn’t great news.
But why aren’t homeowners more willing to get in contact with their banks or loan servicers?
Is it shame, pride, confusion, fear that they’ll get into more trouble, fear that the bank won’t be helpful or potentially speed up the foreclosure process, or a general feeling that nothing positive will be accomplished?
Well, the survey found that men were much more likely than women to say nothing and try to get back on track on their own, perhaps a pride issue, while younger borrowers were more likely to borrow money to avoid missing a payment.
Interestingly, residents of non-metro areas were significantly more likely to try to get back on track without assistance, compared to those living in the big city.
The survey is based on responses from 1,000 adults throughout the United States, taken between August 13-16, 2009.