lawyers.comSM Survey Finds Consumers Concerned About Costs and Options

November 12, 2007 — New York, NY, November 12, 2007 - Consumers could face difficult choices this holiday season. Caught between shopping costs and rising interest rates, more people are expressing financial concern according to a recent lawyers.comSM survey sponsored by LexisNexis. The survey found that 80% of Americans who are concerned about the housing market are also worried about the cost of the upcoming holiday season, with 74% expecting a leaner holiday season this year due to the increased costs of their mortgage, home equity loan or credit card debt.

The survey also revealed, however, that these concerns are not limited to homeowners. Two in three (65%) Americans were found to be concerned about the cost of the upcoming holiday season with 55% agreeing that their family might have to have a leaner holiday season this year due to the same increased costs that troubled home owners.

“It’s important for consumers to be aware of the steps they need to take when faced with the possibility of foreclosure, especially during the holiday season, when people may be tempted to shop rather then make their payments,” said Alan Kopit, a lawyers.com legal editor. “As a rule, if foreclosure is looming it is best to move forward quickly, speak to your original lender, formulate a strategy with the help of an attorney or financial planner and look for ways to increase your financial stability.”

Other findings show that 71% of American homeowners believe they would know what steps to take if their home were in danger of foreclosure; however, only half actually know the recommended first step. Half (51%) say they would contact their original lender, 18% would speak to an attorney and 15% would contact a foreclosure assistance organization.

Although, most homeowners believe they know the appropriate steps to take when facing foreclosure, the survey found that more than half (51%) of Americans falsely believe that in a foreclosure the mortgage-holder loses all rights to their mortgaged property, with only 20% of Americans believing this statement to be untrue and 29% not knowing whether it was true or false. Similarly, half (52%) of Americans believe incorrectly that when their property goes into foreclosure, the mortgage holder is evicted.

“Navigating mortgages and loans can be confusing as rates and guidelines often change,” said Kopit. “The fact that many Americans do not completely understand the foreclosure process further reinforces the need to speak with a financial or legal professional in these situations.”

The survey was conducted by Russell Research for LexisNexis. The company's lawyers.comSM site is the most comprehensive and trustworthy online resource for finding lawyers and is just one element of LexisNexis® Total Practice Solutions, a complete portfolio of services and tools that help law firms harness information to increase productivity and build value. Total Practice Solutions represents an unrivaled combination of resources designed to work the way legal professionals do, enabling them to improve customer relationships, enhance marketing and new business development activities, ensure compliance and streamline business processes.

About the Survey

The Russell Omnibus was conducted online from October 5-9, 2007 among 1,092 online adults across the United States. Figures for gender, age, and geography were weighted where necessary to match their actual proportions in the population.

Founded in 1946, Russell Research is one of the pioneer firms in the market research industry. Today, Russell Research is among the industry's top custom research firms, with a seasoned staff of 100+ strategy-driven research professionals.

About lawyers.com SM

lawyers.comSM (www.lawyers.com) from LexisNexis® is the leading lawyer directory on the Web, providing consumers and small businesses access to a free database of more than 440,000 attorneys and law firms nationwide. The lawyers.com service helps site visitors make a fast, informed decision when choosing a lawyer. More than one million searches per month are conducted through lawyers.com by consumers and business people in search of the right legal representation for their needs.

About LexisNexis

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