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Landlord Guide Alternative Foreclosure
Since landlords, real estate property owners and lenders or their servicing agents have substantial incentives to avoid foreclosure, it is important they each work together to develop alternative solutions.
Homeowners may pursue a number of possible alternatives to foreclosure and should take the initiative to do so. Because not all alternatives or options are appropriate for every homeowner, you need to decide which solution might be best for you in your particular circumstances. Possible alternatives or options include:
A. Modify or Restructure the Terms and Payment Schedule of Your Existing Mortgage Loan;
B. Refinance: Pay Off Your Loan with a New Loan on Better Terms;
C. Sell Your Home and Access the Available Equity;
D. Pursue a “Short Sale”;
E. Rent Out Your Home;
F. Share the Cost with a Boarder; or G. Offer a “Deed-in-Lieu” of Foreclosure to Your Lender or its Servicing Agent.
There are also federal programs designed to prevent foreclosure. Visit www.makinghomeaffordable.gov for help with the Making Home Affordable Program and to speak with a HUD-approved housing counselor for free.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Landlords and Real Estate Property owners Guide to Alternatives to Foreclosure is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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