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Forum » Ramifications of Exploiting Eviction Moratorium to Save for Down-payment of House?
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Thread: Ramifications of Exploiting Eviction Moratorium to Save for Down-payment of House?

post 1642382293 07-07-2021, 10:00 PM
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Ramifications of Exploiting Eviction Moratorium to Save for Down-payment of House?

What is to say housing won't continue to boom due to people refusing to pay rent money and instead saving that money for a down-payment on a house instead? You would have way more people who now have money for a down-payment.

What is the worst that happens? They just pay a higher interest rate on their mortgage for a few years until they re-finance? Is this the big brain move?
post 1642385183 07-07-2021, 11:17 PM
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Originally Posted By BLOATMOGGER⏩
1) Your credit will go to absolute schit, making it almost impossible to get a loan on a house.

2) Landlords mostly can't collect on bad tenants because they are "uncollectable", i.e. they have no assets. Fortunately (for them) your new house is a big juicy asset, and they can put a lien on it to collect their unpaid rent.

3) To be eligible for the eviction moratorium, you needed to show "financial hardship" related to COVID-19. How do you think it's going to look in court when they sue you and show the judge the new house you just purchased?
Since when does renting get reported to the bureaus?

Hint: it doesn’t
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post 1642385403 07-07-2021, 11:24 PM
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Originally Posted By Nonsense916⏩
Since when does renting get reported to the bureaus?

Hint: it doesn’t
Pretty sure a landlord can send a collection agency after you. That would definitely get reported.
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post 1642385433 07-07-2021, 11:24 PM
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Originally Posted By BLOATMOGGER⏩
1) Your credit will go to absolute schit, making it almost impossible to get a loan on a house.

2) Landlords mostly can't collect on bad tenants because they are "uncollectable", i.e. they have no assets. Fortunately (for them) your new house is a big juicy asset, and they can put a lien on it to collect their unpaid rent.

3) To be eligible for the eviction moratorium, you needed to show "financial hardship" related to COVID-19. How do you think it's going to look in court when they sue you and show the judge the new house you just purchased?
Doesn’t affect credit and how is the landlord going to find out you bought a house?
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post 1642385663 07-07-2021, 11:31 PM
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Originally Posted By the700level⏩
Doesn’t affect credit and how is the landlord going to find out you bought a house?
Owning property is public record. You can look up any property and see who owns it.
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post 1642385793 07-07-2021, 11:34 PM
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First of all, probably only 1% of people not paying rent will do this. The other 99% are blowing it like an idiot.

Then:
Originally Posted By BLOATMOGGER⏩
1) Your credit will go to absolute schit, making it almost impossible to get a loan on a house.

2) Landlords mostly can't collect on bad tenants because they are "uncollectable", i.e. they have no assets. Fortunately (for them) your new house is a big juicy asset, and they can put a lien on it to collect their unpaid rent.

3) To be eligible for the eviction moratorium, you needed to show "financial hardship" related to COVID-19. How do you think it's going to look in court when they sue you and show the judge the new house you just purchased?
Well said.
post 1642385893 07-07-2021, 11:36 PM
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99% of people who stopped paying rent during this during the Moratorium spent it on tattoos, drugs, eating out, and other bs. They did not save a dollar.

I was in finance in the past. You get people who get foreclosed on and worked at the time. They did not make payments for a year. You ask how much they have.... Zero.

If I was a current landlord and one of these pos stopped paying rent on me while they still worked or collected inflated unemployment I would do everything possible to get a eviction/judgement on them even if I never collect a dime
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post 1642386043 07-07-2021, 11:38 PM
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Originally Posted By the700level⏩
Doesn’t affect credit and how is the landlord going to find out you bought a house?
Originally Posted By Nonsense916⏩
Since when does renting get reported to the bureaus?

Hint: it doesn’t
The landlord sues the tenant in court, resulting in a judgement against the tenant. The judgement is then reported to the credit bureaus.
post 1642386073 07-07-2021, 11:39 PM
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Originally Posted By swoleyo⏩
Owning property is public record. You can look up any property and see who owns it.
Bruh how are you going to find out they bought a SPECIFIC property?
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post 1642386283 07-07-2021, 11:44 PM
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Originally Posted By BLOATMOGGER⏩
The landlord sues the tenant in court, resulting in a judgement against the tenant. The judgement is then reported to the credit bureaus.
I don’t think they are
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post 1642386373 07-07-2021, 11:46 PM
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Originally Posted By the700level⏩
I don’t think they are
A judgment is a final decision made by a court of law in a lawsuit or criminal proceeding. It is usually recorded with a clerk of court in public records. Credit bureaus report judgment information in credit reports that relate to debt collection.A creditor who has been awarded a judgment can report it to the credit bureaus so it appears on the debtor's credit report.

https://www.sapling.com/6687954/repo...-credit-bureau
post 1642386833 07-07-2021, 11:59 PM
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Does rent impact your credit score?

The credit score is a scam by itself, but that is for another time.
“The stories and information posted here are artistic works of fiction and falsehood. Only a fool would take anything posted here as fact.“

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post 1642386893 07-08-2021, 12:00 AM
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Originally Posted By Ironmanlet⏩
Does rent impact your credit score?

The credit score is a scam by itself, but that is for another time.
I agree credit scores are a racket.

However there's no excuse not to have a good one. The rules are known, and a good credit score will save you 10s of thousands of dollars.
post 1642386903 07-08-2021, 12:01 AM
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this doesnt make any sense.


you are saying dont pay your rent until you are in the eviction process and stay there as long as posible to then buy a house. you will have past due rent at that point which will be on your credit report so your credit is wrecked and you cant get a loan.

even if your landlord was a dumb ass and never reported the debt at first and you did get a loan then when they are in collections they can come after your house.
post 1642386943 07-08-2021, 12:02 AM
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Originally Posted By BLOATMOGGER⏩
I agree credit scores are a racket.

However there's no excuse not to have a good one. The rules are known, and a good credit score will save you 10s of thousands of dollars.
not really, i mean its easy as fuk to have a good credit score. i already qualified for the lowest interest rates possible with only 10 years of credit card on time history. everyone thinks you need a car loan or mortgage to have a good score.
post 1642387073 07-08-2021, 12:07 AM
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Originally Posted By elterrible987⏩
this doesnt make any sense.


you are saying dont pay your rent until you are in the eviction process and stay there as long as posible to then buy a house. you will have past due rent at that point which will be on your credit report so your credit is wrecked and you cant get a loan.

even if your landlord was a dumb ass and never reported the debt at first and you did get a loan then when they are in collections they can come after your house.
Can’t go after a house that the bank owns. Especially one that was just bought with no equity.

Let’s be real, OP scamming his rent to save for a down payment is not in a position to put any type of significant amount down. It won’t have any equity.
“The stories and information posted here are artistic works of fiction and falsehood. Only a fool would take anything posted here as fact.“

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post 1642387213 07-08-2021, 12:12 AM
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Originally Posted By BLOATMOGGER⏩
They can put a lien on the house. OP won't be able to sell the house, ever, without paying the lien. They may even be able to foreclose on the house.
Yeah, I get money is a tricky situation, especially when you don’t have it and need it. However I really would t take this path.

I have heard of people financing small things like a 4-wheeler, then just not paying it. It goes to collections and they just wait it off their credit score.

I’m not sure if that is a thing, but the people that did this kind of thing were not really going places anyway.
“The stories and information posted here are artistic works of fiction and falsehood. Only a fool would take anything posted here as fact.“

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post 1642387343 07-08-2021, 12:16 AM
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Originally Posted By the700level⏩
I don’t think they are
Correct, bankruptcies are the only public records item on your credit report now.
500/295/530

.,
post 1642387873 07-08-2021, 12:37 AM
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Seeing this happen out here in Cali. Cars are the most expensive things I've seen and heard of that have been purchased with all the $$$ people were/are given to be lazy, TVs, etc. Governor bribing everyone by paying all the owed rent since start of pandemic. Another case of punishing people who do the right thing and rewarding the lazy ****s.
post 1642388113 07-08-2021, 12:45 AM
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The macro ramifications are that rent and house prices will continued to be jacked up to account for you and other parasitic persons further pushing you away from owning/renting to make up for the give away

You and other bottom dwelling parasites will continue to fight for the scraps of available chit housing and renters won't bottom with upkeep and investors won't build new apartments further driving the parasitic competition

meanwhile property maxxers continue to sit back and laugh you liberal parasites fighting over which bed bug filled 200sqft apartment you fiends fight over for $3000 a month

Developers will build high priced condos, houses and luxury apartments because they won't have to worry about stem maxxers skipping rent.. then you live in a tent in san Francisco and poop on the side walk while mailing in a ballot for bernie sanders
post 1642388943 07-08-2021, 01:15 AM
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Originally Posted By BLOATMOGGER⏩
1) Your credit will go to absolute schit, making it almost impossible to get a loan on a house.

2) Landlords mostly can't collect on bad tenants because they are "uncollectable", i.e. they have no assets. Fortunately (for them) your new house is a big juicy asset, and they can put a lien on it to collect their unpaid rent.

3) To be eligible for the eviction moratorium, you needed to show "financial hardship" related to COVID-19. How do you think it's going to look in court when they sue you and show the judge the new house you just purchased?
1. It will only go on your credit if you stop paying on the debt.

2. If you set up payment arrangements they won't place a lien on the home.

3. You'll never see a courtroom if you pay on the debt.

Enjoy your 0 interest 0 collateral "Loan" but depending on how much your rent was anyone doing this might be better off using the cash to pay down debt or buy a toy.
post 1642390343 07-08-2021, 02:08 AM
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Originally Posted By helpmee⏩
99% of people who stopped paying rent during this during the Moratorium spent it on tattoos, drugs, eating out, and other bs. They did not save a dollar.

I was in finance in the past. You get people who get foreclosed on and worked at the time. They did not make payments for a year. You ask how much they have.... Zero.

If I was a current landlord and one of these pos stopped paying rent on me while they still worked or collected inflated unemployment I would do everything possible to get a eviction/judgement on them even if I never collect a dime
Came for this


/thread
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post 1642391773 07-08-2021, 03:07 AM
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Originally Posted By Ironmanlet⏩
Can’t go after a house that the bank owns. Especially one that was just bought with no equity.

Let’s be real, OP scamming his rent to save for a down payment is not in a position to put any type of significant amount down. It won’t have any equity.
Nor is he going to be able to afford to outbid anyone with his NINJA interest rate lol
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