Jon Daurio, chief executive officer of mortgage investor Kondaur Capital, recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio house.
With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.
“It got me out of a bind,” said Culver, a former Kmart employee who has since relocated near his in-laws in Tennessee where job prospects are better. “I got a little cash out of it and was able to pay off other stuff I owed.”
Read more from the CNBC
Looking to get “cash for Deed” assistance. Please e-mail
rssell624@cinci.rr.com Anderson Township are – Cincinnati,Ohio
With the release of the new government “relocation assistance” short sale program last week, I still have a few questions about this program:
1. I wonder if the assistance will still be available if the homeowner has already been served with foreclosure papers? It seems to me like the answer to that question would be no, since the government has no interest in creating wasteful spending. Especially if a lender has spent $2500 to foreclose on a property and then have the homeowner short sell the a week before the actual foreclosure sale.
2. Does the relocation assistance apply to deeds-in-lieu? I know some banks are doing the “cash for keys” thing, but I wonder if the goverment would have an interest in this as well?
Short sale does have downfalls, for starters you may have to pay taxes on the difference between what you owed and the short sale amount.
If you qualify for chapter 7 bankruptcy, you’re better off filing and walking away from your home.
I am a foreclosure/bankruptcy attorney in Chicago:
http://www.stevengracelaw.com