LogFAQs > #936454427

Smarkil posted...

I own some rentals and my tenants will be paying rent according to my conversations with them. I'm not a monster who's trying to fleece them but I still have to pay my mortgage too. If my bank tells me I don't have to pay my mortgage for some amount of time, then I'm happy to pass that luxury on to my tenants.

In the mean time, I do have a late rent clause. If a tenant isn't paying rent for whatever reason, it amounts to something like 5% per day its late which would very quickly add up to a lot of money. I may or may not be able to evict them now, but they'd be owing me a lot of money in the end and their credit rating as well as future renting opportunities would be fucked. That be said, I would do everything in my power to prevent that from happening. It's a last resort.

I have a strong feeling that if you evict anyone and their rent was like 60 days late there is no way they would pay any of it. The fees alone would be turning those late rents up to an insane proportion. 5% a day in loan form is considered a predatory loan, now in late fees maybe it's within the rules but just pointing out how insane that type of fee is when it accumulates for 60 days.