Phoenix Investment Properties-Saving Them From Foreclosure
The valley of the sun, one of the fastest growing cities in the US
, a place where everyone comes for great employment. This all sounds great right? Unfortunately the only one that has any real merit right now is that it is still the valley of the sun. Phoenix AZ is in a huge economic crunch and it is beginning to be felt in the commercial real estate sector of the city.At first, many of the business owners holding commercial loans were under the impression or at the least, they were hoping beyond hope that the Federal Government would produce some type of stimulus package on their behalf or some Congress backed bailout that would magically save the day. The problem here is that it never came. It never came from the state level either. This left the business owners on an island waiting for their ship to either come in, or sink.
Commercial loss mitigation seems like it could be the answer for many of these business owners who are trying feverishly to get their property to debt service again. The problem with this idea is that many of the business owners are already facing foreclosure and a drawn out mitigation process might not be the answer. The reason here is that commercial loss mitigation is a rather new process and many of the lenders are not set up to offer this like they were with the residential market. Also, many of the lenders would rather just "get it off their books" instead of negotiate.
For the owners of Phoenix investment properties that are facing foreclosure, all hope is not lost. One of the more unique processes out there actually gives immediate relief and debt service again for business owners whose commercial loans are heading south towards default.
This system actually makes the lender take the hit and they are more than happy to do so to get a property off their books before they default or go toxic. This process goes to the lender, gets them to sell the property short, buys the property with their own funds and then flips it back to the original owner. There are no laws presently to stop this, like there is with RESPA laws and the original commercial loan holder gets the property back at 50-65% of the current income appraised value! This allows the loan to immediately debt service. Also, being that the creator of this process is a private lender themselves, they also will carry the new owners note for up to 36 months.
So, while Phoenix investment properties may be looking for some rough waters ahead, there are systems and processes in place that can be a life saver.
Phoenix Investment Properties-Saving Them From Foreclosure
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