According to a survey conducted by ""Money Management International"":http://www.moneymanagement.org/ (MMI), struggling homeowners are reluctant to seek professional mortgage relief help.
The survey found that half of respondents would first seek help from a family member or friend, followed by 26 percent who said they would see a lender and 13 percent from a housing counseling or mortgage relief program.
[IMAGE]When asked about their concerns with mortgage assistance programs, 53 percent of those surveyed said they were afraid of scams or fraudulent services. Fifty-one percent of respondents said they were concerned about the cost of using such a service, and 45 percent were afraid the process would be too confusing or that they would end up with a solution they could not fully understand.
""Homeowners face real concerns when considering who to turn to for help with mortgage troubles,"" said Jo Kerstetter, vice president of education and community relations for MMI. ""For the millions of homeowners who still face possible foreclosure, it is important to remember that quality help is available for free from HUD-certified housing counselors nationwide.""
In related findings, the survey showed that 63 percent of respondents who had sought mortgage relief help said they did so when they were one to three months behind on their payments while 22 percent sought help when they were four to six months behind. Four percent were seven or more months behind on payments when they sought help. Of those who had yet to seek assistance, 57 percent of respondents said they would seek help only after a job loss while 35 percent said they would look for help if they felt they would miss a payment. Twenty-seven percent would only seek help after missing a payment.
The survey was conducted April 20-23 by 1,019 people across the country. The results can be found at ""MoneyManagement.org"":http://www.moneymanagement.org/.