The Rent is to damn high.

[Johnny2X2X]

41. Agree

It's not even considered late until after the 15th on most mortgages. And even then there's just like a $50 fee and it won't even affect your credit.

The banks are very interested in people staying in their houses because repossessing a house and then reselling it costs them a fortune. The system is set up to make that costly for banks to incentivize them towards keeping people in their homes.

I know a couple who lost their home, they worked with the bank to get back on plan for a year and a half, and then one lost another job and it became hopeless, it took another year and a half for the sheriff to finally show up to put them out. So they basically went almost 3 years with only making a few payments total, the last 18 months they made no payments. Instead, when they were both working again, they banked like $20K so when the time came they actually had a nest egg to rent a nice home and then work through their finances. Unfortunately, they were an exception, most people facing repossession don't save any money because they're truly in dire straights financially.