September 29, 2010

Okay to “Walk Away” from a Mortgage

36%

More than a third of Americans say it is acceptable to “walk away” from a home mortgage, at least under certain circumstances.

A majority of Americans say it is unacceptable for homeowners to stop making payments on their mortgage and abandon their homes, but 36% say the practice of “walking away” from a home mortgage is acceptable, at least under certain circumstances. Americans experiencing financial difficulties are more likely than those who are not to say it is okay to walk away from a mortgage. While just 14% of those who “live comfortably” say it is okay to stop making mortgage payments and abandon a home, nearly a quarter of those who say they “just meet basic expenses” (25%) or “don’t have enough to meet expenses (22%) say walking away is okay. Americans who have had trouble paying their rent or mortgage or for medical care or who have had to borrow money to pay bills are also more likely than those who have not to say it is okay to walk away from a home mortgage. Read More