For example thru WIC or food stamps or unions or welfare or unemployment or social security or healthcare etc.

The higher the value of assets that you can put up as security on the loan, the the lower your credit score can be to qualify for a loan.There is no magic loan dollar value when banks stop caring about the credit of the individuals or corporations they are lending to.

They need security for the job as well.

I thought trading a mortgage was considered the sale of a security?

The term deed was formerly applied also to other solemn written...Deed (action, quotations)Ability: The difficult we do at once; the impossible takes …, Achievement: It is not the least…, Action: Far better it is to dare mighty things, to...See all search results in Articles (48)Dictionarywarranty deed- property guarantee: a deed that binds a seller of property to defend the security of the title against any claims that may arise against the buyer

Submit a short sale package?

There is no way you can live on $1200/mo...absolutely not, unless you were getting social security disability and the wife was working full time...

My advice would be to speak with an attorney and discuss if you can form a partnership with your relative and create a legal situation to achieve your goals.If that is not the case, or if there is not enough time, then Jon's suggestion of a "Deed in Lieu" might be your best option.You made the mistake of jumping into a deal without securing your back end financing.

& to tell you the truth I was wondering what kind of a response I would get from that post.Hence I spent some time considering what I said over the holiday.In my personal opinion in this day & age with so much of our economy based on emerging technologies & securities.

How do I put together a short sale package and contact the bank?