Here in the Antelope Valley, we are experiencing what the majority of the country is going through. People who got into their homes through "trick" loans are now on the verge of losing them to the banks. Often times, their payments have doubled from the time they purchased. Unfortunately, very few of those individuals consider talking to a property management company. That of course, means that they are resigning themselves to foreclosure when they have not yet exhausted all of their options.
Foreclosure rates here are higher than many of us have ever seen. When someone calls us and says that 
they may be facing foreclosure, there are a few options we can look at. First and most obviously, we need to know what their payments are looking like. Lets say that they purchased their home for $1,800 per month and have now seen their payments jump up to $3,000-$4,000. Why not rent something smaller and rent out your larger house to someone who can afford it?
The odds of getting as much in rent as they are putting out in mortgage payments is very slim. In fact, it is basically impossible. However, if they can rent somewhere cheaper and rent out their home for as close to the mortgage as possible, it just may create a buffer zone that will allow them to hang onto their home until the market improves. Obviously, this is not a "cure all" solution. Often times, the owner will be so far out of the park with their new adjusted rate that saving the home is impossible. But with the catastrophic impact that a foreclosure will have on your credit, family, and finances, it seems to me that ANY possible solution would be worth the time it takes to see if it will work.
If you know someone who is on the verge of losing their home, why not help them out and recommend a reputable property management company in the area? Shoot, many of them even give referral fees and promise to send the owner back when the market improves enough to sell. It makes sense for everyone. give it a shot!
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