I know they mind very much hahahafor example:If bank takes back the property, the borrower owes $50K and the house is worth $90K.Bank isn't in it to do real estate.

My friend borrowed (kidnapped might be a better representation honestly) my credit card a few weeks ago stating he was buying me something I needed and was so adamant, I let him use it.

...In my area, the borrower has until one hour prior to the sheriff sale to redeem or reinstate.Originally posted by K.

If he borrows, he will get what he qualifies for under any loan program.Let's do a sale and long term lease back.

Are you certain that you can't own additional property in the the first 3 years of ownership of the new property, or does the restriction refer to ownership the previous three years before buying/borrowing.

I had a few $K and borrowed the rest of the DP from my brother and sister.I sold it on a wraparound mortgage for low 70's after reading Wade Cook's book Real Estate Money Machine.

The Government borrows money from the FED.

This will likely not work out since their is no longer incentive for the borrower since they will not get their house back.Additionally, You will not likely be able to purchase the Note from Fannie because they normally do not sell them individually if at all.Since you are not the borrower, there is no way you can do a workout without the sellers and frankly if your in an inferior position, you have no leverage.

Now Paragraph G.7 reads: Before or at closing, Settlement Agent must receive from Borrower cash or other good funds (as defined by Applicable Law) sufficient to pay all amounts shown on the Settlement Statement as payable by Borrower.

A bank or lender may lean toward a debt coverage ratio or a debt to income ratio, or both, but they may not ignore the issue of a borrower's ability to pay. :)