FARMERS BRANCH, Texas (8/7/13)--North Texans overwhelmingly disapprove of consumers who default on their mortgage, according to a survey of homeowners by Texas Trust CU, Mansfield, Texas.
In the survey of more than 2,700 homeowners in the Dallas-Fort Worth area, respondents were asked whether it is justified for someone to stop paying their mortgage if they decide their home is worth less than they owe, or if they are having financial problems.
"People clearly have a deep sense of obligation when it comes to the financial commitment they have made to their mortgage lender," said Richard Whitman, Texas Trust CU vice president of mortgage lending.
"We've all heard stories about people who walk away from an underwater house or who decide to balance their household budget by simply cutting out mortgage payments," Whitman added. "The positive feedback from this survey is that almost everyone agrees that's wrong."
About 97% of homeowners said stopping mortgage payments is not justified because of an "underwater" valuation on their home. In the case of financial difficulties, 94% said that those problems would not justify halting mortgage payments.
Other findings in the survey include: