I know someone in Florida who has held on to a small apartment building for about 7 years now.
He pays a lawyer $500 per month to delay the foreclosure. In the mean time, he’s been collecting rent. it’s a block from the oceans so it’s always rented.
I don’t blame him. His collecting rent revenue is a separate issue from the bank foreclosing on the collateral.
Maybe the system is screwed up, so it’s up to us/our lawmakers to change the rules for when a housing crisis occurs again.
What I’ve found annoying with this whole housing crisis/collapse is how some banks/businesses criticize that people should not walk away or what not when a business will do the exact thing they slammed…
I think if you can do it, squat as long as you can and take advantage of the system if it’s legal/allowed. All the big banks and all businesses will do that anyways and have been so consumers should just do what’s best for their family.
The whole legal/political system is pretty screwed up.
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