I thought at one time they decide it could be solved this by giving them all brand new shopping carts (in the 90's).They ought to house them out in the desert cities, in manageable pods of 10 to 20 units, and put the insane ones in new insane asylums out in the desert so they can get the help that they need.Maybe put them in an abandoned air force base and feed them 3 squares and give them latrines.Give them special vouchers called section-9 to live there, but as for as commercial landlords housing many of them, there are huge behavior problems, drug problems, thefts, odd public behavior, relieving themselves in public, etc...

Mods, feel free to change it if you think it fits better somewhere else.

You should be able to try a loan mod even if you are current with payments and have a hardship which you do.For instance you could get a 7% loan turned into permanent loan modification 2% fixed for the first 3 years,then 3%,then eventually fixed to 5% for the term of the recast loan.It just depends on what programs your servicer has to offer you.I would try this option to preserve credit first.You have to be very diligent in the paperwork and it can take months and months to get it approved but I have seen it done.That would be my first step is to reduce your debt service and lighten your load.There is also talk of a TARP 2 funding from the government that is in the works that would allow a wright down for underwater borrowers on their mortgages.This is out there but has not been approved yet.After a refi you could rent it out for the lower debt service and move to area closer to your job to save on gas costs and have more time with your family.I have seen others do this and it works out well.Then wait years for the market to come back and sell.If you screen the renter properly you should be fine.In a short sale if you decided that the bank pays the commission.Just makes sure in the listing agreement the commission payout is subject to bank approval.This way if you sign for 6% and the bank only pays 4% you are not on the hook for 2%.You can just do a "deed in liue" of foreclosure and give the deed back to the bank if they accept.DIL,short sale,are not as bad as a foreclosure on the credit but you still will take a hit but a smaller one.Try that loan mod first.Good luck.No legal advice.

Like all pod casters and guru's say, I wish I would have done it sooner (gone to 5+ MFR).

I've never seen anyone say anything bad about them on these forums, but then, James is a mod.

This could be recorded in first position like any other purchase money loan or as a subordinate loan if that’s the intent.The broker or a loan servicer would manage the loan and could foreclose or propose any other legal workout such as a loan mod or forbearance if the loan got into trouble.

I understand there will be a major difference in management and not sure if I want to tackle that...time will tell.Thanks to all the BP support staff, mods, and of course @Joshua Dorkin

And Brian did a pod cast I believe and is a respected contributor to BP.

Can one of the mods sticky this thread and we'll reread it in 3 years and have a good laugh.

Bigger pockets launched the business pod cast and for the businesses I own it’s nice to listen to that but the quality of pod cast isn’t there yet.