Foreclosure avoidance options vary from state to state. One of the more interesting solutions we’ve seen came from a homeowner in Brooklyn, N.Y., who turned her home into a bed and breakfast in order to cover the mortgage payments. While that may work for now, New York lawmakers did pass a bill – backed by hotel and motel associations/councils – banning rentals of less than 30 days in apartment buildings. All in all, this is the kind of creativity we’ve come to expect from desperate homeowners in this crisis.
But for homeowners struggling to make mortgage payments, there are more options today than ever before (even if they can’t swing the whole bed-and-breakfast thing). Short sales now account for more than 12 percent of all residential real estate sales and the HAFA Program is gaining steam. Still, we see news reported of Bank of America’s 15 percent increase in non-performing loans and foreclosures year-over-year.
Here’s what’s important to remember through all this: homeowners need these solutions, and today more than ever, they need educated real estate agents to help them learn about their options.
As agents, we need to do our part in this crisis?