{"id":450,"date":"2008-12-08T15:21:38","date_gmt":"2008-12-08T19:21:38","guid":{"rendered":"http:\/\/lucas-photo.com\/blog\/?p=450"},"modified":"2009-08-21T09:27:03","modified_gmt":"2009-08-21T13:27:03","slug":"bit-to-rent","status":"publish","type":"post","link":"https:\/\/lucas-photo.com\/blog\/2008\/12\/08\/bit-to-rent\/","title":{"rendered":"Bit to rent"},"content":{"rendered":"<p>*Here&#8217;s an idea* for a compromise between banks run afoul of their own poor lending practices and homeowners turned upside-down on their mortgages.<\/p>\n<p>Say the Jones are about to default on their mortgage.  They don&#8217;t.  Instead, the bank takes ownership of the property and becomes the Jones&#8217; landlord.  The result is a pretty standard lessor\/lessee relationship.<\/p>\n<ul>\n<li>The Jones&#8217; rent would be capped at (pause to roll dice) 55 per cent of their mortgage payment&#8211; compartively, quite affordable.<\/li>\n<li>The bank would refund their paid principal, less first\/last\/damage deposit (the way most mortgages are set up, there usually would not be much principal to give back).<\/li>\n<li>The Jones could walk away at any time with (pause to roll dice) three months&#8217; notice.<\/li>\n<li>The bank would not be able to cancel the lease unless the Jones failed to pay their rent (or any of the other standard protections offered to landlords).<\/li>\n<\/ul>\n<p>So the Jones keep a familiar roof over their head, are spared the expense and stress of moving, and receive a somewhat smaller black mark on their financial record (which they could eliminate with (roll dice) two years of on-time rent payment.<\/p>\n<p>The bank gets a money-making property complete with renter and ongoing income rather than a write-off, legal fees, and lost accounts receivable.  <\/p>\n<p>Sounds like a win-win scenario, doesn&#8217;t it?  Am I missing anything?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*Here&#8217;s an idea* for a compromise between banks run afoul of their own poor lending practices and homeowners turned upside-down on their mortgages. Say the Jones are about to default on their mortgage. They don&#8217;t. Instead, the bank takes ownership of the property and becomes the Jones&#8217; landlord. The result is a pretty standard lessor\/lessee [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-450","post","type-post","status-publish","format-standard","hentry","category-ramblings"],"_links":{"self":[{"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/posts\/450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/comments?post=450"}],"version-history":[{"count":0,"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/posts\/450\/revisions"}],"wp:attachment":[{"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/media?parent=450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/categories?post=450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lucas-photo.com\/blog\/wp-json\/wp\/v2\/tags?post=450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}