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Many Americans Don’t Understand Homeownership: Survey

A new survey by the National Foundation for Credit Counseling and MSN Money finds that many Americans struggle to understand mortgages and the home-buying process, and they lack basic financial skills and resources to cope with economic hard times. One in 10 Americans with a mortgage, or about 10 million adults, reported being late or missing a mortgage payment in the past year. One in four Americans said they do not know enough about owning a home to consider buying one.

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