Posted by jafon2k on August 09, 2003 at 19:06:10:
The one thing the bank does not want is for the long drawn out process of having to evict a homeowner and they know there is no guarentee on this. And it can be expensive costing them another year and risking potential damage to the property due to disgruntal former owners. The present condition of the house is no guarentee on what the house is going to look like if the foreclosed tenant get ticked off and start to wreck the place. Sell the short sale from this angle, as a suggestion.
If the appraised value is the same as the mortgage owed. Take it subject to if you want to bother with the deal at all.
Have homeowner create a land trust and assign you as beneficiary. This may preserve your option to just reinstate the loan by paying the back payments.