Well last week I received a very interesting assignment from Titanium, I was asked to offer the home owner a "VOLUNTARY" Short Sale and cash for keys. In the past I have received assignments where I have to deliver the home owner bad news that their modification was not approved and encourage them to do a short sale, but never cash for keys. Also the other type of assignment that I have received in the past is the deed in lieu with the lease contract, and the lease contract or cash for keys for tenants.It is interesting to be in the middle of this evolution in the default mortgage industry. I was reading today that most lenders are embracing short sales, according to NAR 10% of all transactinos last year were short sales, and the number might increase this year. Also the number of home owners in default status keep on raising, and since most of the lenders are trying to stay away from the toxic inventory, we might see an increase on short sales, some of the new laws and regulations are pushing the lenders to approve the short sales quicker, the only problem is that the buyer's lender has to charge less or find a way to roll in the closing cost, or the buyer will need to cover the closing cost, the way it should be. Since most lender only allow a max of 3% for seller's contribution, and most seller's don't have money to offer any type of contribution.I just wonder how many new combinations of REO/ShortSale/Rent Options type of assignments will come up in the future. It seems that at this point mostly is trial and error, and because some of these assignments are like a mix of the "traditional" REO and loss mitigation and new ingredients throw in the mix, I like to call them HYBRID assignments, because technically they are one thing, but the procedures are similar to something else.About my assignment the home owner is an investors that has moved out of the state, and the house is a vacant boarded up shell, so I didn't get to list that property.Please share some of your experience with this type of hybrid assignments and what work and didn't in your situation.
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