Poll: One-Third Of Mortgagors Express Difficulty Paying Off Loans

Posted by Orb Staff on April 06, 2010 No Comments
Categories : Residential Mortgage

Twenty-four percent of people with mortgages believe they owe more on their mortgages than their homes are worth, according to a new poll from Harris Interactive. The poll, which surveyed 2,320 adults between March 1 and March 8, also shows that 26% of adults with mortgages who have household incomes of $75,000 or more believe they are underwater.

Almost a third (29%) of adults with mortgages are having some difficulty (18%) or a great deal of difficulty (11%) paying off their mortgages, Harris adds.

Among those who believe their homes are worth less than their outstanding mortgages, 26% are having a great deal of difficulty, and another 23% are having some difficulty paying them off. Forty-two percent of homeowners who believe they are underwater are "very concerned," and another 38% are "somewhat concerned" about not having enough income to cover their costs.

Unsurprisingly, income levels make a big difference, Harris ntoes. Concerns about not having enough income to cover costs and expenses is much higher among people with household incomes below $35,000 (40% are "very concerned") than among those with incomes over $75,000 (16% are "very concerned").

SOURCE: Harris Interactive

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