I just dealt with two separate lenders on two apartment building in the South Bay. Both were very similar in their approach to owners who were upside down on their equity positions. Very helpful to have the owner come to a payment plan solution. One of the lenders, who I have dealt with in the past few years had a marked change of attitude. Apparently with so much bleeding going on, especially in their loan portfolio, they are being nicer to their customers. Feels similar to the "new" IRS that came about in the last 5 years.
Yes, rents are rising and vacancies are dropping, but that hardly outweighs the burden of rapidly rising adjustable rate mortgages. There will definitely be a wave of debt restructuring by borrowers who are savvy and foreclosures for those who don't know how to work the system. Thought for the day: Take action NOW - all those pending items on your desk or kitchen counter, pick one up and act on it.
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