06
Feb

What Happens When You Stop Paying Off Your Home’s Mortgage

Written by Family Magazine. Posted in Foreclosure, Is my home in foreclosure, Mortgage foreclosure help

Foreclosure help in texas

According to a recent survey by Synergistics Research, lenders should make greater efforts to educate consumers about mortgage products and the application process.

Their survey of over 1,000 individuals indicated that only 33% of consumers understood the overall qualification process “very well,” and only 40% understood whether the interest rate on their mortgage was fixed or adjustable, among other startling finds. For the housing market to move forward, and to help consumers avoid foreclosure crises that are bad for everyone, better education and communication will be necessary.

“An outcome of the mortgage crisis is the need for providers to more fully assess customer suitability for and understanding of the loan they are obtaining,” explains Genie Driskoll, of Synergistics. If you are