Don't Just Walk Away From Mortgage, Survey Says

Posted by Cary Porter on Tuesday, April 5th, 2011 at 10:18am

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Some Americans who owe more than what their house is currently worth are opting to walk away from their mortgage. But a new survey finds Americans don’t agree with home owners who make that choice.

Sixty-percent of Americans say it is “never OK” for home owners to stop making payments on their mortgage, according to a new survey of 1,000 American adults by FindLaw.com, a legal information Web site. However, 34 percent say it’s OK for home owners to walk away from their mortgage if they are no longer able to make their monthly payments.

Only 3 percent of those surveyed said home owners should be able to walk away from their mortgage anytime they want.

"Many home owners 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, home owners 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)

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