SO IS IT SAFE TO RENT A HOME AND DEFAULT

Asked by David, Las Vegas, NV Sat Dec 27, 2008

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5
David Chambe…, , Saint Petersburg, FL
Sun Dec 28, 2008
Its called equity skimming and its bad, real bad.
1 vote
David Chambe…, , Saint Petersburg, FL
Sun Dec 28, 2008
Tempedude, Thank you for the clarification. David didn't provide us with details and I just assumed he was on the bad end.
0 votes
Tempedude, , Tempe, AZ
Sun Dec 28, 2008
You can rent the home as long as you own it. Your loan documents and the law of your state will determine what happens to you when you default.

David, equity skimming refers to the process of vulture buyers obtaining ownership to a home under the guise of helping out a troubled owner. If this person already owns the home, renting it out while in default is NOT equity skimming.

here is a website to explain it better to you
http://www.answersforowners.com/2007/06/equity_skimming_scams.html
0 votes
St. Lawrence…, Agent, Stamford, CT
Sat Dec 27, 2008
Can you clarify your question? Are you the home owner and you are looking to keep the rent and stiff the bank? Or are you the tenant and you are looking to not pay rent?
0 votes
Manu Kapoor, Agent, New York, NY
Sat Dec 27, 2008
It not the legal way to buy real estate to default & keep the income comming from it. But this is real estate attorney's question.
0 votes
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