If one is late one month on a 2,000 a month payment (this is a 240k house at 5.x percent) then it may take him 4 months to pick that up, with the usual left-over of $500 monthly “just in case”.
I use my own example.
I planned on a “just in case” that was similar to a car payment. I own a paid-off car, so I had no car payment. But after 4 months of unemployment, I found 16 months of catch up . like an imaginary Mercedes payment.
Coming to the end of that, I’m glad I planned this way. But still... 4 months isn’t even that bad. I was returning cans and working at an arcade, third shift stocking shelves and digging ditches at construction sites within my first 2 weeks of unemployment. it’s very difficult.
My story isn’t even one of a predatory loan - but a predatory ex wife who promised to be there with her income... which quickly went the direction of another dude 7 years younger than me within my first 2 weeks of unemployment.
Anything can happen. People lost their homes before 2004 too.
Oh, i forgot where I was going with that.
If you find that the arears owed is simply... too much... Then leave. Wait to be kicked out. Save up your money for a nice apartment or something. Prepare. There is no reason to live under a bridge. If you’re a year behind, there is no hope of catching up.
The problem with my house is that it’s significantly de-valued (I expected this.. markets DO rise and fall). The bank would take a $140k hit if they tossed me out. i would go chapter 7, and everyone loses.
Add me to the list.
Only my ex got the house, the new car, and the kids.
All I got was the privilege of paying her 1500 a month. And we have the credit cards, which were all run up to pay for shoes and lawyers.
And now she is dating an attorney. I’m unemployed and paying a guy making 250,000, just so he can bang my wife and steal my daughter away from me.
Ain’t marriage beautiful?
I feel your pain. LoL, what can ya do?