My landlord wasn’t paying his mortgage for four years on the place I was renting before it hit the courthouse steps.
Course he was still taking my rent check. A great deal for him.
—My landlord wasn’t paying his mortgage for four years on the place I was renting before it hit the courthouse steps.—
Heh. My daughter was renting a condo in downtown Seattle. When she found out the owner was being foreclosed on she stopped paying rent. Over a year...
Not Really. What people don’t understand is that the banks are providing the IRS with a 1099 for the full mortgage amount due. This person better have saved it for Uncle Sam becuase he is in for a rude awakening.
I believe the true reason that the banks have not followed through with the foreclosures is because they want the home owner to suffer. Come December 31st 2012 the moritorium on your primary residency that George Bush signed into law in 2007 expires. All bets are off and everyone who forecloses will now be slaves to Uncle Sam. Can’t just go out and file chapter 7 on the IRS.
The Federal government becomes the master of all whow sign the dotted line. I now tell my son that 30 years is too long a time. No one knows what will hwppen to them in that far in the future. Unless he can pay cash for a home he will be renter for life. I am not alone. I believe his generation is seeing what home ownership has done to their parents and will not be rushing out to purchase homes or atleast approach it with eyes wide open. This housing crises is going to be with us for a very, very longtime.