owner wants walk away cash for short sale
A homeowner that contacted me from a yellow letter is willing to short sale her home. She owes too much. She is 6 months behind. The house needs a total rehab to be rent ready. She is supposed to talk to her mortgage company about doing a short sale. She wants to know what is in it for her. She wants $15K or $20k in cash to short sale her home. First of all, there is no way that is happening. This is a C neighborhood and that much cash would never fit into the numbers for it to be a good deal.
Second, and maybe most important, it doesn't seem like it would be legal to give her cash for basically defaulting on a loan. Thoughts?