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“We’re just existing, not living!” Mortgage stress and the concealed costs of coping with crisis

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  • Richard Waldron
  • Declan Redmond

Abstract

Following the financial crisis, an extensive literature has examined the vulnerabilities facing mortgagors in default and foreclosure. However, in addition to these “overt casualties” of the crash, many households are struggling to meet their mortgage payments by enduring severe cutbacks to their quality of life. The experiences of these “unrevealed casualties” of the financial crisis and the coping strategies they employ to respond to mortgage stress remain under-explored. Drawing on survey data of Irish mortgagors (n = 433), this paper examines the impacts of mortgage stress upon quality of life and mortgagors’ coping strategies to respond to their financial difficulties. The findings suggest that mortgage stress affects a broader range of households than previously considered; mortgage stressed households adopt a range of expenditure, employment, finance and housing-related responses; and more punitive responses correlate with greater mortgage stress levels, thereby providing a fuller account of the real cost of coping with the crisis impacts.

Suggested Citation

  • Richard Waldron & Declan Redmond, 2017. "“We’re just existing, not living!” Mortgage stress and the concealed costs of coping with crisis," Housing Studies, Taylor & Francis Journals, vol. 32(5), pages 584-612, July.
    • Handle: RePEc:taf:chosxx:v:32:y:2017:i:5:p:584-612
    DOI: 10.1080/02673037.2016.1224323
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    References listed on IDEAS

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    1. Mr. Jochen R. Andritzky, 2014. "Resolving Residential Mortgage Distress: Time to Modify?," IMF Working Papers 2014/226, International Monetary Fund.
    2. Duffy, David, 2014. "Updated Estimates for the Extent of Negative Equity in the Irish Housing Market," Research Notes RN2014/2/1, Economic and Social Research Institute (ESRI).
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    Cited by:

    1. French, Declan & Vigne, Samuel, 2019. "The causes and consequences of household financial strain: A systematic review," International Review of Financial Analysis, Elsevier, vol. 62(C), pages 150-156.
    2. Fahim Ullah & Samad M. E. Sepasgozar, 2020. "Key Factors Influencing Purchase or Rent Decisions in Smart Real Estate Investments: A System Dynamics Approach Using Online Forum Thread Data," Sustainability, MDPI, vol. 12(11), pages 1-36, May.
    3. Piotr Białowolski, 2018. "Hard Times! How do Households Cope with Financial Difficulties? Evidence from the Swiss Household Panel," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 139(1), pages 147-161, August.
    4. Pawson, Hal & Martin, Chris & Lawson, Julie & Whelan, Stephen & Aminpour, Fatemeh, 2022. "Assisting first homebuyers: an international policy review," SocArXiv mjbv8, Center for Open Science.

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