Relocation Expenses?
According to one of those shortsale gurus. We can give the mortgagee some money to help them relocate. I've been reading here the banks don't permit any trasfer of money to the person in default from the "equity purchaser" (I know some of you guys do it) Is this part of the civil code? How do you do it?
A prime condition of mortgagee preforeclosure short sale approval is that the Seller (mortgagor) doesn't benefit financially from the sale.... and won't permit any proceeds from sale to be paid to the Seller. If the HUD1 reflects any type of payment to the Seller... the mortgagee can rescind their approval and void the transaction.
Cash under the table is OK. The purchase of either goods or services (via separate agreement, outside the scope of the transaction) is OK.
Making a charitable, and didicated contribution to a non profit organization who in turn would make a gift to the former homeowner is OK, too.