Sometimes it happens without warning. A borrower defaults on their loan leaving the lender burdened with a distressed property. As much as we try and plan for these kinds of things, sometimes an investment goes south. What do you do now?
- Act Quickly: The more promptly one acts on saving a troubled asset, the higher the likelihood that asset can be saved. Whether a lender tries to save the property themselves, or hires an experienced company such as EpiCity, time is of the essence. If the property decays and tenants move out, the situation will only get worse.
- Develop and Follow a Plan: It is important to create a well thought out plan to save and manage the property. As a lender or property manager, if you need help creating a plan or determining the real cause of the foreclosure, contact Tom Stokes for a free consultation.
- Carry Out The Plan Through Completion: Depending on the stage of decay or delinquency the asset is currently in, it may take some time before results are seen. Externalities such as the economy and neighborhood conditions will influence the speed of recovery.
EpiCity is here to help if a lender or property manager requires assistance. Please call Tom Stokes at (404) 995-9494 or email service@epicity.com for more information or to schedule a free consultation on how to maximize the recovery from your distressed property.