Quote:
Originally Posted by YAZ
Tell ya what.
As a LL, and if I knew that I was gonna get foreclosed on, my tenants would be the first to know.
No way in Hades would I collect rent if I wasn't paying the mortgage.
That's just nasty.
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Wow. ONE ethical person with a sense of personal responsibility.
Amazing.
If the LL has a mortgage, he or she doesn't really
own the home. The bank or lending institution does. Only when one pays off the mortgage does one truly
own a piece of property free and clear (and even then there are taxes to consider).
I'm not even interested in the OP's particular situation any longer.
I'm more intrigued by the larger fact the people think it's OK for the LL to steal from the bank (remember they hold the mortgage?) and pocket the money. Wow, just....wow.
This must be why CA passed the rent-skimming law.
I believe states are also getting tougher on people who "buy and bail"? Surely you all must know what that is? (try google if confused)
If
I was renting a property and I found out that my rent was less than the monthly mortgage....I'd have serious concerns. Professional landlords generally manage properties
hoping to turn a profit. That's why they are called
investment properties.
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