You gotta wonder. Do these deadbeats get to escape any accrued interest on the unpaid balance?
I feel your frustration...
I have several acquaintences who’ve hit the jackpot (in their minds) in similar situations.
One acquaintence bought a condo many years ago and used it’s equity to buy other houses to rent out. It was the usual no money down, liar loans, etc. and he was doing very well till the housing market downturn.
He ran out of money and couldn’t make any of the payments on his condo and 5 rental properties...but he continued to collect the rents.
Long story short, he collected rents for over 4 years and never paid a dime on any of the mortgage payments, homeowner fees, property taxes etc., including his own condo.
Eventually the banks started taking the properties back, but for over 4 years, pure income, no expenses and lived free in his own condo.
From what I’m reading, this is more common then one would think.
You gotta wonder. Do these deadbeats get to escape any accrued interest on the unpaid balance?
I don’t know about that, but I bet a million bucks that they are paying property taxes because if they weren’t, they would be out of that house faster than they can say “foreclosure”. They are extremely strict about property taxes.