Question: I am underwater on my mortgage. A friend stopped paying mortgage and rented his home. He said it was OK as long as I owned home for more than 1 year. Not really OK….just not illegal or criminal. Is this true?
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You’ll have to read up on the term “Rent Skimming” where individuals default on their homes but collect and keep the rent. Technically if the person has been in the home for more than a year, then this doesn’t apply, which is what your friend is referring to.