What are the ramifications should you own the note, aren't able to modify it/get it performing again, can't get the deed in lieu, only left with starting the foreclosure process, and during the process the occupant declares bankruptcy?

What are the ramifications should you own the note, aren't able to modify it/get it performing again, can't get the deed in lieu, only left with starting the foreclosure process, and during the process the occupant declares bankruptcy?

I have gotten low as 5% from a very professional management company, but my rents were $2k each and they had several of my properties.My manager does not charge me fees when they go to the property, but their maintainance contractors do if no work was performed.

I would push for the 1 year lease and sell her on the idea you have no intentions to end the lease if she performs for the 1 year.  

I then performed cash-out refinances to pay off the HELOC loans and lock the properties into a low fixed rate mortgage.The difficulty was, in my own personal experience, doing cash-out refinances is more expensive and the rates are much higher than conventional financing.  

Past performance may not be indicative of future results.  

But if costs to hire a professional to mitigate damage are still under the security deposit amount, I suggest you go with that route as that provides a third party to verify that there are damages present and cost you money to take care of them vs. tenant perceiving you as making up damages and repairs which you supposedly repaired.

(Assuming the numbers work)-Inquire with bank about their willingness to sell current note (depending on performance) at a discount.

These activities by a disinterested third party would be considered real estate brokering in my state and require being run through a licensed real estate brokerage.

I plan on getting it resolved as soon as I can, but I'm looking for insight into whether the best course of action would be to call in an exterminator now, vs taking care of it myself, which is how I've always gotten it done in the past.My tenants leaves food for her cat every morning, and has found ants crawling over the cat food for the third time in two weeks.