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July 23, 2014

Survey: More Americans Say Walking Out on Mortgage OK

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Survey: More Americans Say Walking Out on Mortgage OK

Thirty-two percent of Americans surveyed say home owners should be able to strategically default on their mortgages without facing any consequences for doing so, according to data compiled by JZ Analytics. 

What’s more alarming, 13 percent say they would likely strategic default and another 17 percent say they know others who have already walked away from their mortgage obligations.

Thirty-six percent of Americans surveyed also said they believe it’s acceptable to have a poor credit score. 

"What jumped out is how many Americans feel it is acceptable for home owners to walk away from a mortgage and go into foreclosure,” says John Zogby, a senior analyst at JZ Analytics and creator of the Zogby Poll. “If Americans carry on with that mindset, it will continue to cause problems as the economy undergoes a slow recovery."

Source: “More Americans Consider Strategic Default on Mortgages an Acceptable Option,” Credit.com (Oct. 8, 2012)

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