Quick comment: this nasty trick is becoming ever more popular. I’m implying homeowners who’ve decided to walk away, will rent their home at same time they stop mortgage payments..knowing that renter will eventually get kicked out!
Just last week at work people were talking about all their friends (who are way underwater on mortgage) are using this evil trick. Some use it to trade into (buy) another home at today’s lower home prices.
I’m now looking for new rental. We are telling prospective landlord: “Fine, we’ll give you our credit report and income verification, but in return we need proof the mortgage on this property is not in arrears.”
