Homeowners faced with defaulting home mortgages are increasingly stressed by economic conditions. Reports are showing that divorce rates are up and many families with bad home mortgages are finding it difficult to keep everything together. Even though governments are attempting to shore up the industry, little help has been provided to home mortgage holders and experts fear that stress levels are going to continue to rise. In this climate, the default rates are expected to continue to increase.”At the moment, we’re finding that around 20 per cent of those who go into the slippery slide never get out,” consultant Martin North said. “Once you’re in severe stress, there’s only about a 50-50 chance of getting out.”"I expected mortgage stress to be primarily in young growing families and disadvantaged fringe areas. But we’re also seeing affluent stress in segments who have been hit with school fees and margin lending calls,” Mr North continued.Victorian Council of Social Services spokesman David Imber did not agree with the report. “There are people in genuine risk and don’t have other options — they don’t have high-paying jobs and the option of refinancing to their benefit,” he said.
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