Housing

Even People Who Aren't Paying Their Mortgage Don't Think It's OK To Stop Paying The Mortgage

There's been a lot of talk lately about people walking away from their mortgages.

As it turns out, though, most people still think it's not OK to just stop paying the mortgage. That includes people who are underwater on their own mortgage, and those who have fallen behind on their payments.

A survey commissioned by Fannie Mae and released today included a couple questions on this subject.

Yes, Fannie Mae, which is on the hook for hundreds of billions of dollars in mortgages, has a stake in people making their payments. Still, the answers seem worth a mention.

Here's one:

If a person's home is now worth less than what they owe on it, do you think it's okay for them to stop paying their mortgage?

Among people who are underwater on their own mortgage, 88% say no, it's not OK. Among people who are delinquent on their mortgage, 73% say no.

Here's another:

If a person is facing financial distress, do you think it's okay for them to stop paying their mortgage?

Among people who are underwater, 79% said no. Among those who are delinquent, 55% said no.

There are lots of other questions about the value of homes as an investment, owning versus renting, etc. For more, see this short overview or this long report. Here's more coverage of the survey.

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