Updated over 15 years ago on . Most recent reply
Rent Skimming Question
I know someone with a 4 plex in AZ that quit making payments on the building. (The property was upside down and not cash flowing). His original intention was to try to get a loan mod, but when that didn't work, he listed it with a realtor and is trying to get approval for a short sale. Needless to say, he's been collecting rents and not making any payments for quite some time. I informed him that what he is doing is illegal. (and unethical, but whatever) His response was that the Lender hasn't asked for any payments during the shortsale process, so why should he pay it. Anyway, his wife is totally stressed out and doesn't really understand most of what he does in real estate, so my question here is: What is the probability he is going to get caught for this?