In order to get assistance from just about any program you have to be delinquent. So, if you need mortgage help, you have to be past due. 30, 60, 90 days past due on a mortgage is pretty severe. It will stay on your credit report for at least half a decade. AS far as delinquencies go, there are no things worse on your credit report than a d/q (delinquet) mortgage. A charge off or settled account is pretty severe as well, however a delinquent mortgage impacts your ability to get a mortgage again and the rate you pay. Over time a quarter, half, or full point on a 30 year mortgage could be the difference of tens of thousands or even a hundred thousand plus dollars on your mortgage over time.
It’s a sweet system, and Delaware and North Dakota propogate it.
What’s even better is when you stop to think how much money a bank holding a mortgage makes over the life of the loan (or used too) You’d think that on a $270k mortgage making $200k in interest would be enough….nahhhhh