Due to the pandemic, 52% of people said they were regularly concerned about paying their mortgage payments and 47% said they had considered selling their home because they were unable to afford it. pay their mortgage payments, according to a new survey from 72Points and the National Association of Realtors revealed.
The survey also indicated that 35% of homeowners skipped or missed a mortgage payment during the period from the start of the pandemic in March to June.
Of those who said they were financially insecure, 35% said they feared losing their home. According to the survey, unexpected financial hardship as a result of the pandemic was experienced by 81% of owners.
Cutting expenses to be able to pay their mortgage is what 56% said they had to do as a result of the COVID-19 pandemic. Since the start of the pandemic, 47% of owners said they had looked for other ways to make money – 64% said they had started a side project and 53% said they had sold personal items.
“The rapid and unprecedented impact of COVID-19 has left many people in dire financial straits and we want to make sure struggling homeowners know they have options for relief, especially during the month of home ownership, NRA President Vince Malta said in a statement. “Realtors and lenders can identify programs and supports designed to help meet loan obligations. Acting quickly can help homeowners stay in their homes and keep the money they’ve already invested there.
Although there are options to avoid a late mortgage payment71% said they were worried about getting help and 57% were skeptical about the help options available to them.
“Unfortunately, at times like these, scam activity increases, so owners need to remain vigilant and watch out for offers that seem too good to be true,” Malta said. “Realtors work tirelessly to help people realize their dreams of home ownership and protect their investment. Our members want to do everything possible, including sharing information about available government and financial resources, to ensure homeowners can afford to stay in their homes.
Other things homeowners said they worry about being able to afford during the pandemic include insurance (43%); public services (36%); food (36%); mobile phone (30%); and Wi-Fi/Internet (26%).