Hundreds of properties have hundreds of different landlords.
There are going to plenty of people who have paid all their other bills except the mortgage, who have solid jobs and documented income.
Many landlords don’t even run credit scores, just credit history and eviction/judgments. Some don’t even do that. (!!) First, last, and it’s yours :-0
If a mortgage payment was twice what the rent was, and people have stable jobs, I would gladly rent to them with a decent DTI. Not a big risk, they gotta live somehwere, and I know they won’t be looking to buy anytime soon!
A family who comes to me and explains that they came to their senses and it isn’t worth owning at $5000 a month when they were upside down over $100K and can rent at $2500 or less is a champ in my book.
Now, if they don’t have 1st and last after 6 months of not paying a mortgage, I would show them the door.
I think that many landlords will come to that conclusion, some later rather than sooner.
I don’t think that it will put pressure on rental prices. The house that they vacate may become a rental at some point, and there are always people leaving the area that are just fed up with what is going on.
