Homeowners try to get creative

Real Estate Broker/Owner with Real Estate Teammates BK3322137


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?


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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

I am sorry for the home owners who want to try and make payments and cannot do it.

Jul 19, 2010 11:53 PM #1
Michele Miller ~ REALTOR®, LMC, HSE, CHS, SRES, CMRS
ERA Key Realty~Worcester County Realty Group - Worcester, MA
'Helping You Make the Best Move"

Me too Gita. Some homeowners take more desperate measures when losing their home and it can be devastating.

Jul 19, 2010 11:56 PM #2
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Creative is right....and if that works for her, rather than a short sale...have at it !

Jul 20, 2010 12:27 AM #3
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina

One hundred years ago, rooming houses were very common.  When the husband passed away and the bills couldn't be covered, the widow would rent out rooms in the home.  Made sense then....

Jul 20, 2010 12:29 AM #4
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Ed Macias

Miami FL-REO Property Management Multifamily
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