One in every ten Americans is struggling to make their mortgage payments, but only 58 percent of Americans said they would call their bank to ask for help if they missed a payment and 15 percent would say nothing and try to get back on track alone, according to a new survey from www.MortgageOutreach.org.
“More than 50 percent of Americans know someone who has been affected by the current mortgage crisis yet nearly half of our survey respondents would still choose ignoring the problem to calling their bank. Consumers are confused and think their banks don’t care but no one wins with foreclosure,” said Steve Ozonian, Executive Chairman of MortgageOutreach.org.
Mortgage brokers are also suffering as a result of foreclosurers, according to market research firm IBISWorld.
“Mortgage brokers are also facing much tighter regulation on the way they conduct their business. Regulatory compliance, consolidation and competition are likely to shape this industry in the future as it attempts to wheel itself out of the subprime pit”, said Toon Van Beeck, senior analyst at IBISWorld.