[quote=davelj] . . . Likewise, when you sign a lease agreement, legally you only have to pay rent, and you get evicted if you don’t. But the eviction process generally takes at least a few months. And many people take advantage of this reality. . . [/quote]
davelj, I hope you’re not forgetting that these defaulting renters have a UD on their public record, which is extremely easy to find in SD County (as well as many other counties).
No local landlord in his right mind (who has done his due diligence on prospective tenants) would rent to a prospect with a UD history without at least a $5K up-front deposit PLUS damage deposit, depending on the monthly rent level, of course.
I believe in Karma. What goes around comes around.
I’m in total agreement with you that it is ultimately the borrower who is responsible for loss of his own property and also the foreclosure debacle. These borrowers were obviously “asleep at the switch” when signing docs for a “toxic” loan or were so focused on the cash and what they were going to buy with it that they didn’t care.
