Sounds like a good idea to me.

Jun 23, 2018
10:34:05pm

BIG XII Coug All-American

I rented a house for 2 years that the owners never paid the mortgage on. Last month we were there the bank gave a foreclosure notice.

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BIG XII Coug

Previous username: njcoug
Bio page: BIG XII Coug
Joined: Oct 13, 2007
Last login: May 2, 2024
Total posts: 46,256 (18,687 FO)

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Messages

Author

Time

Have a home I am renting out - I wanna get rid of it. Can I just stop mortgage?

jrifkin48

6/23/18 10:06pm

Very crazy. Do you have a management company running it for you?

VACOUGFAN

6/23/18 10:08pm

I do have a property manager...but the wrong renter is still a risk

jrifkin48

6/23/18 10:19pm

Yes, you're crazy. That's not a "credit hit". That's credit suicide for

Manti

6/23/18 10:08pm

Why not just pay for a property manager then? It's got to be a better option

BlueBlitzkrieg

6/23/18 10:09pm

I find it hard to believe that in this market you can’t find a buyer

cougarfann888

6/23/18 10:09pm

It's a military town. Everyone is there for 3 years and moving on

jrifkin48

6/23/18 10:16pm

Drop the price 'till you get interest. Even below what you think it's worth is much better than that.

soupie

6/23/18 10:10pm

RE: Have a home I am renting out - I wanna get rid of it. Can I just stop mortgage?

LiveCoug

6/23/18 10:14pm

Is this a joke?

ClackamasCoug

6/23/18 10:16pm

Sell it to the property manager.

Veracruz

6/23/18 10:21pm

I did bring this up, but they didn't bite. They said the roof was an issue...

jrifkin48

6/23/18 10:27pm

Did State Farm have a legitimate reason for denying the replacement of the roof?

David Lo Pan

6/23/18 10:38pm

So reduce the price a little to compensate for the new roof.

Veracruz

6/23/18 11:21pm

At least wait until someone actually does trash the house right?

Grit for Brains

6/23/18 10:25pm

Repairs are tax deductible.

Stringer Bell

6/24/18 11:58am

yes, you're crazy, on multiple levels.

Incentivize

6/23/18 10:28pm

You need to see if your state allows lenders to get deficiency judgments against

Josef K

6/23/18 10:28pm

Also from a contract perspective, isnt it short sided to not fulfill your side

BlueForLife

6/23/18 10:30pm

His part of the bargain is set in the contract if he can't fulfill

kotacoug

6/23/18 10:39pm

There are plenty of contracts I can technically get out of but don't

CSoul

6/23/18 11:03pm

if the bank doesn't want the house in the case of a default, then they are stupid to sign the contracts they do. The

HarlemCoug

6/23/18 11:46pm

"Can do" is different that "should do".

shimmy

6/24/18 12:03am

Thanks for that lecture on the legal details of a mortgage. Because I

CSoul

6/24/18 12:13am

people shouldn't feel that for some reason they are morally obligated to pay their mortgage at all costs. That

HarlemCoug

6/24/18 2:20am

My self justification is the house is clean, new appliances, in good shape...

jrifkin48

6/24/18 7:27am

after 12 years, you can't sell the house for more than the mortgage? And... is the house cash flow positive? (or

HarlemCoug

6/24/18 8:10am

Someone else should bite on owning a home in a hot rental market.

VACOUGFAN

6/24/18 6:17pm

Sounds like a good idea to me.

BIG XII Coug

6/23/18 10:34pm

Give it to me

Cougar TD

6/23/18 10:35pm

You could definitely sell the home at SOME price, and selling at that price is most

Clark Addison

6/23/18 10:43pm

Keep cashing rent checks up until the foreclosure

NSFW

6/23/18 10:43pm

Lol

thebruce

6/23/18 10:52pm

You're not crazy, you're just unethical.

shimmy

6/23/18 11:06pm

Love the holier than though types on here.

Cougfourlife

6/24/18 12:56am

CB as a whole said the same thing Shimmy said in 2008. Interesting that some

macaroni

6/24/18 4:33am

That's me. My view from up on here on Mount Pious is amazing.

shimmy

6/24/18 7:09am

Do you still owe more than you can get out of it?

jaromp

6/24/18 12:51am

Why not just sell it for less? After 12 yrs, you can recover some equity right?

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