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Wanderer
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2011 Apr 11, 9:31am
This is actually a true story beginning in May of 2008. Except, the buyer left the condo right away rather than staying and pocketing the rent. If CA is a non-course state, I don't see a single negative to this except bad credit, which you don't care about if you're paying cash. Or you could change up your order of operations, stop paying, start pocketing, hide the cash, file bankruptcy, buy condo outright.
FortWayne
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2011 Apr 11, 12:49pm
In CA they used to take up to 2 years to foreclose, so some people did pull that off. It is non recourse, so nothing other than a bad credit rating.
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So, imagine this: Buy a condo for $240K, PITI + HOA nearing about 1800 a month, stop paying and still be in pre-foreclosure 3 years later.
1800 X 36 months = 64,800 saved (assuming you live there rent free, albeit that's a tad awkward when not paying HOA)
Condos in same building now selling for $80K. If this continues into next year, buy condo outright in cash.
Any other stories similar to this?
#housing