Great post Sammiee
A mortgage is like any other kind of loan. Owning a home is a misnomer while you pay for it. If you miss 3 payments you're headed towards foreclosure big time. You are only renting from the bank until that mortgage is paid off. They add late fees and interest similar to credit cards. The only difference is they can't change the interest rate if you have a fixed rate mortgage.
Walking away and renting becomes a huge draw, when you have lost 1/2 of your supposed equity and can't keep up with payments due to job loss, or illness/medical bills.
You can rent a home here in Florida 2 to 3 times the size of your own, in a beautiful neighborhood, for 1/2 of your mortgage, tax and insurance bill.
A brand new house with high ceilings, 3000 square feet, lawn care included, top of the line kitchens with stone counters, etc. Screened in Pool if you want.....Its ridiculous.
One of my sons rented a home with 2 other room mates, double the size of ours, and gorgeous as all get out for $500.00 a month each.
r.