Short Sale + Trust + 3rd Party
facts: foreclosure. fmv $190k. 1st mtg $188k. 2nd mtg $30k.
owner found new job and income doubled and wants a lease/option.
I cannot get a mtg but I want to negotiate short sale with 1stM for $165k? and 2ndM for $2k. I will find 3rd party to actually get the mtg for $167k and then lease/option back to owner for $200k.
Do I have owner put home into a land trust? then sell it to 3rd party?
How do we get equity out of the home?
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