Any Creative Strategies to Make This Deal Work?

[Sarah S.]

Looking for creative options to make a deal work. Homeowner of SF home faced foreclosure and was able to get reinstated. He is a realist and knows he can not afford to remain in the home and he just wants out. He now owes about $5K more on his home than he bought it for and home has no equity at all. Home will need about $5K in minor repairs.

He tried to sell traditional way a few months ago and no bites on it. He is desperate to find a solution so he can move on and understands he probably will not make a penny from his home. His loan is thru a VA Lender. The home is in a good area where rental market is growing but homes are not selling too well.

I was thinking seeking a short sale and then reselling may be an option but have heard and read that process can be quite lengthy and still not be approved. I also thought of maybe taking Sub2 and putting a renter in it. Just what options others would have to offer homeowner. He pretty much is on the verge of just abandoning the home within 2 weeks but I reminded him not to damage his credit any further. Walking away would get it foreclosed for sure.

Any suggestions with creative options would be great. Thanks in advance.