SILVER SPRING, Md. -- During the first half of 2008, more than 10,000 consumers completed the National Foundation for Credit Counseling's Mortgage Reality Check at www.HousingHelpNow.org. The site asks participants a series of questions, and advises them regarding their foreclosure risk.
Results among the participants painted a grim picture of those struggling with foreclosure:
Once their loan resets, 85% of respondents indicated they were concerned about being able to make their mortgage payments.
Almost 60% admitted skipping some bill payments in order to make others.
There was no confidence shown in the ability to refinance their home, with almost 70% saying they did not feel this was a viable option for them.
A full 81% of those taking the quiz fell into the red zone, indicating they were in immediate danger of foreclosure. Among the Hispanic respondents, that figure jumped to 85%.
--handerson@cutimes.com
