What do you mean renting? He "owns" it as in took out a loan for the property. He doesn't "rent" it.While that makes some semblance of sense, why would he even fucking still be renting out a house he doesn't live in and hasn't lived in for years, I haven't followed him all that much recently but has he ever gave a reasoning for that at all?
When he took out the loan it was for $120k
Now the property is worth $60k
So he still owes $120k (minus what he has paid off over 10 years, which is assumed to not be a great amount). His only option is to sell it at a huge loss. The problem is the bank will not allow the sale. So his only real option is to stop paying the loan, in which case the property gets sold by the bank and he still has to pay off the entire loan.