Reply #359: This is already being done. [View All]

[louis-t]

They have names like "XXX Homeowner Preservation, LLC" where they offer you a discounted payoff amount. If you can't come up with cash to payoff the mortgage, they offer you a lease with rent increases every year for 5 years. They also give you the option of buying back the property after the first year at an increased amount over the original discounted payoff amount. This amount increases every year for 5 years. The last resort is a short sale where they will give you $3,000 at closing if you deliver the house in good condition.