What’s the best option for a landlord who’s fallen behind on the mortgage?
“The short answer is, you go to your ATM machine, you put in your code, you get some cash, and you pay your lender. That’s always the easiest solution,” Ironhound Management’s Robert Verrone told The Real Deal editor-in-chief Stuart Elliott for the latest edition of TRD Tips. But as he quickly explained, it’s rarely that easy.
Verrone, one of the most experienced players in working out bad loans, left Wachovia Bank in 2009 to start his own business working out busted securitized loans.
At the beginning of the pandemic, Verrone likened the workouts he was doing to “root canals on loans.” Now, he said, it’s more like “open-heart surgery.”
Despite the challenges landlords face — dealing with some tenants who aren’t paying rent and others who seek loan forbearance — there are options. Check out the video above for all of Verrone’s top tips.