Had you told me two years ago that banks would be writing checks to short sale sellers to walk away from their homes, especially big checks 10 and 20k, it would have warranted a hearty laugh and nothing further. Now it's become a reality!
We recently closed two short sales with a well known national bank where the seller was an investor owning two homes in Tucson, AZ. Not only was he able to complete the short sales with no deficiency or further worry of litigation, he actually received over 15,000 in cash at closing!!!
It's interesting to me that a short sale seller can actually receive cash back when selling their home at a loss. I feel like the banks have finally woken up from the massive hangovee pursuant to their drunken we'll lend to anyone spree. It's as though the fog has been lifted for them to see that mitigating these losses pre-foreclosure is truly the best option.