Keeping the lights on

When a default occurs under a mortgage loan, the lender’s first thought might be, “How will we get repaid?” while the borrower’s first thought might be, “How do we pay operating expenses, taxes and insurance if we don’t have access to property income?”
While options like a workout, short sale, foreclosure or deed in lieu of foreclosure are eventual outcomes following a default, determining who pays operating expenses, taxes and insurance is a primary iss