2/7/10: Renegade Strategies for a Changing Economy – When Your Workout Options Fail

Super Bowl Sunday! While most people were guzzling beer (we are SO jealous), gorging themselves on chips and salsa, and cheering on their favorite team, The Real Estate Guys dedicated broadcast crew faithfully showed up for yet another edition of real estate broadcast excellence.

And with all the hype about offensive, defensive and special team strategies, we thought it would be fun to do a show on renegade strategies for property owners when lender workout options aren’t working.

Taped up and dressed out in shoulder pads, helmets and eye-black for today’s broadcast are:

  • Your Quarterback, Robert Helms
  • Your Not So Tight End, Russell Gray
  • The Head Coach and Godfather of Real Estate, Bob Helms
  • Trick Play Coordinator and Special Guest, Trustee Verification Specialist, Tyler Cohee

After the coin toss and handshakes, we kick off with a discussion about the ethics of loan agreements.  Of course, when you can’t make the payment, your options are limited.  But what about when you can afford to make the payment and choose not to?  Strategic defaults are growing in number and popularity.  What are they?  Do they make sense and if so, when?

When it’s late in the 4th quarter, you’re way behind and you can’t get your loan modified; the lender won’t forbear, your property is headed to auction; and you just need a little more (a lot more?) time – it’s time to call a trick play!  Our special guest Tyler Cohee dials up just the thing when he calls in to explain how trustee verification works. VERY interesting!

Now in the Red Zone, the Guys call several renegade plays for reducing your loan balances, holding onto your properties and gaining more control over precisely when turn a doomed property over to the lender.

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