Bankrupted Seller
I received a phone call from a sweet old lady who for selfless family reasons left her home behind and moved a whole state away. In order to take care of her grandson she needed to stop paying on her home in order to pay her rent, she ended up filing for bankruptcy etc, etc. So, I originally was informed the bankruptcy cleared her of mortgage and the house was hers. Apparently, her lawyer was wrong for telling her this. She and I spoke with the loan servicing company and she is behind $53k and has a payoff of 120k or so. The house is worth 130k. She is starting the HAMP process and she is planning on giving me a lease option when it is complete, I will then sublease the house creating a win, win situation.
My question to the BP community,
Is the HAMP the best option or would conducting a short sale be better? Additionally, I don't know any real estate agents to refer her to and from my understanding that is about all I could do if the short sale path was her best option. I want to make sure she is taken care of, and of course make a few bucks myself. I don't want to simple tell her to find a real estate agent and ask about a short sale option.
Is there something else that I am unaware of that could create a win, win scenario?
Thanks everyone for any assistance.