Mortgages account for the single biggest form of debt in the United States and in most Western countries. It’s the biggest purchase anyone can make, considering that they’re purchasing 30 years worth of time (people don’t want to save for 30 years and then buy a home in their 60s or 70s).
Mortgages tend to be the biggest debt gripe that Americans have, says a new U.S. Public Interest Research Group Education Fund survey. When measuring credit cards, student loans, auto loans and other debt types, mortgages tended to be the most complained about.
Utilizing data from the Consumer Financial Protection Bureau (CFPB), a consumer finance watchdog agency, researchers discovered that mortgage complaints represented for 40 percent, or 138,000, of about 363,000 claims. The remaining 60 percent was related to consumer loans, lines of credit, credit cards, student loans and so on.
Just what were mortgage complainers griping about? Well, 85 percent dealt with two primary concerns: unable to make payments and trouble making payments. This consists of collections, payments, escrow accounts, foreclosures, serving and modifications.
One financial institution commented on the report:
“The report reflects when we held the dominate mortgage servicing market share at the peak of the economic downturn,” Bank of America said in a statement. “We have since helped more than 2 million customers avoid foreclosure and reduced the number of seriously delinquent mortgage loans to less than 10 percent of peak levels.”
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