Either way I would just talk to her and work out it through the agent.

Even if lenders work out programs, or Hillary freezes foreclosures for 90 days (whatever that means), it will only affect a subset of the people in trouble.

:lol: We are former loss mitigation and more importantly workout counselors.

Better to work out a repayment plan with a borrower who has some capacity to pay than to force a sale into a down market.

Should things not work out it allows you to go after either one, or both for the entire amount.Other option would be to offer them a new 12 month lease, especially if its easier to find tenants in summer vs. winter.

Yes, I changed my business model based on SAFE Act legislation and it's ripple effects on my state's foreclosure laws (and documentation, workout requirements, etc.)

I was planning on contacting some of the owners in order to see if they are looking to sell or work out some sort of deal.Unfortunately for me this is coming at one of the worst times as I am about to have the majority of my liquid assets tied up in a purchase that is in the process to close….taking forever going on 4 months since the initial offer.Besides the aforementioned research I have approached my banks to see if I may be able to apply for a general pre-approval for a maximum amount so that if I was to jump on a deal I could get the financing hammered out in the time before final payment is due (waiting for a call back).

Or, any other creative partnering agreement you can work out.

If they can't(don't have the info, etc) they're probably not going to work out anyways.I think if you set the tone and set it early, you'll get better tenants and better results.

I am not talking about just going to court.I am talking about 3 day notice to quit,filing eviction,court date in the mail,going to court if tenants answers and getting judgement and writ,then paying writ fee and waiting for the marshal to set up throwing the stuff out.These time lines and processes will vary by state.In some areas the marshalls are backed up serving the writs.So if it takes 2 months to get them out and the writ takes a month then it will be 3 months of lost rent.4 if you get them out mid month unless you can land someone living in a hotel or moving to the area mid month.Then you would only lose 3 1/2 months.You also have to factor in time to turn the place and clean it and rent it out again.The fact you accepted a reduced rent will make it hard to get an eviction in court.Accepting a partial rent usually means you are doing a workout with the tenant.So for instance of I can get a majority of the rent I might do a workout.If the tenant wants me to stop eviction for 100 dollars I tell them to pound sand. :)What you do will also depend on your personal cash flow situation.Are you trying to preserve personal credit and do you have a recourse loan on this property??