Evidence consumer ignorance is also contributing to the growing number of foreclosures, more than one in three home owners couldn't tell you what type of loan they have if their home ownership counted on it.

And sometimes it does.

A new Bankrate, Inc. poll "Mortgage Ignorance Rampant" found 34 percent of home owners do not know what type of mortgage they own.

Other findings include:

• Nearly one in three, 28 percent of those surveyed, worry either regularly or sometimes about how they will afford their payments next year.

• A similar percentage, 34 percent of homeowners with ARMs, do not know what they will do when their loan readjusts.

"Given that homeowners could be looking at an increase of several hundred dollars each month, this is a staggering statistic," the report, written by personal finance and real estate author Elizabeth Razzi, said.

While over-selling high-risk subprime and non-traditional loans are contributing to skyrocketing levels of foreclosures, ignorance is also playing a part.

"Clearly, many homeowners are uninformed about their mortgages," said Greg McBride, senior financial analyst at Bankrate.com. "With interest rates stabilizing, it's a very good time to assess whether they should refinance or not. Now may be the time to lock into a mortgage with a fixed rate which remains near historic lows," Mr. McBride added in a prepared statement.

At least three other recent reports reveal many consumers just don't get it when it comes to mortgages.

• The vast majority of all home buyers who pay for points to buy down the cost of a mortgage, refinance before enjoying the benefit, according to "Do Borrowers Make Rational Choices on Points and Refinancing?".

• Countrywide's "Disconnect: Many Americans … Do Not Actually Manage Their Mortgage" found many home owners don't manage their mortgage as a financial asset when, if they did, they could reap financial benefits.

• Ted Janusz, author of "Kickback: Confessions of a Mortgage Salesman" (Insight Publishing, $19.95), found numerous blunders mortgage borrowers frequently make, including paying for biweekly payment plans they can manage for free; being unaware they are paying for back-end yield spread or service release premiums, fees paid to brokers and loan officers for making loans with higher interest rates; and being unaware of prepayment penalties until it's too late.

The complexity of mortgages gets much of the blame for consumer ignorance, but consumers have to bear some of the brunt. The complexity of today's mortgages makes counseling, education or other wise understanding mortgages paramount.

A mortgage is likely the largest financial debt many will incur.

However, studies repeatedly reveal counseling or education gives home owners a greater chance of remaining home owners than those who don't get schooled.

Take Bankrate's "Understanding Mortgages" exam and see how much more schooling you may need.