Avoid Foreclosure: Exploring options for non cash flowing properties

Posted February 16, 2010

As a real estate broker and investor,  I am constantly asked “Should I sell now or wait until the market changes?”

The truth is, there are many options available and the answer will be different based on your unique circumstances. For property owners  facing economic hardships you may consider:

¨       Selling investment properties that do not cash flow:

¨       Loan Modification with your bank to reduce monthly payments;

¨       Refinance your loan, for lower interest rate or to consolidate debt;

¨       Converting home offices back to bedrooms & renting out;

¨       Appealing property tax assessment with Multnomah County;

¨       Short sale– last option before foreclosure, in which you sell your home for less than you owe (the bank needs to agree with this).

If you are struggling to keep your house and would like to confidentially talk about your options, please call me, I am a certified Short Sale and Foreclosure resource