08-26-2011, 04:49 PM
True, if you rent to someone, you're typically responsible for general breakdowns...but general maintenance would/should be up to the renter (at least that's how it worked in the contract for the house I last rented). It was pretty much a "you break it, you fix it" type deal...and we were responsible for general maintenance of the property. An owner can draw up any type of contract he/she so pleases.
Sure, equity in the type of loss you are describing (3/4 value) may not be much now...but one has to assume, with a typical 30 year loan...that in the long run the property values will rebound. And if by chance they only have a 15 year loan, they'd be fucking fools to bail with only 3 years left.
Edit: I'm defo no genius when it comes to shit like this, but I am an expert when it comes to having your credit fucked for a lot more than 2 years if your property is foreclosed on.
Sure, equity in the type of loss you are describing (3/4 value) may not be much now...but one has to assume, with a typical 30 year loan...that in the long run the property values will rebound. And if by chance they only have a 15 year loan, they'd be fucking fools to bail with only 3 years left.
Edit: I'm defo no genius when it comes to shit like this, but I am an expert when it comes to having your credit fucked for a lot more than 2 years if your property is foreclosed on.
Of the millions of sperm injected into your mother's pussy, you were the quickest?
You are no longer in the womb, friend. The competition is tougher out here.
You are no longer in the womb, friend. The competition is tougher out here.