Asked by Brian Oberholzer, Redondo Beach, CA • Fri Feb 10, 2012
So I started missing payments in 2009 due to work hardships. I then tried working with the lender B of A over and over to get the loan modified. Ethically, I should have paid whatever I could when I could but I opted not to as I sunk further and further behind and the late fees piled up and was told any $ I paid would go to the fees first. At the same time the bank was telling me the fees would go away in a loan mod, so I decided not to throw $ at fees that would be forgiven anyways, wanting my payments to go to paying down principal. Things only got worse as the bank kept dragging on my loan mod attempts and what little income I was making dropped as my renter got hit too and stopped making full payments. The renter is now behind some $13,000 and is claiming he owes me nothing stating its illegal for me to collect rent when I'm in default anyways. I'm told CA judges rule in favor of the landlords however, even if it is considered mortgage fraud to collect rents when not paying.
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