I am looking for a bit of advice.
I am working with a woman 4 months behind on the first and 2 months behind on the second.
I called the bank(EMC mortgage) and they said that deed in lieu of foreclosure may be an option. I informed the homeowner of this and said that she should submit the necessary paperwork to see if a deed in lieu could be granted, and if a deed in lieu would not work, I would attempt a shortsale. She said she would get paperwork for deed in lieu to bank, but has been a bit lazy about getting the paperwork over to the bank.
Meanwhile, I have put together a shortsale package if the deed in liue falls through. At this point, I was wondering if there is anything that I can do to incentivise her to attempt the shortsale. I know I could not give her money from proceeds of the shortsale, but is there anyway around this? Might I be able to attempt the shortsale, and if I can tell its not going well, fall back to the deed in lieu option? I am confident that I could get a buyer quickly after shortsale approval.
Any suggestions or advice?