Thanks for sharing @Bryan Hancock , the conference on Thursday and Friday should prove to be very lively as this topic will certainly come up a lot.

Bless you for trying your best to help your aunt out when she was in a tough spot.

If they do not prove satisfactory, I'll happily give your friend Walter a call.

The latter basically says we can't contest the value if the property is sold at auction, and offset any deficiency if the property is proved to be worth more under the law.I realize this is NR, and it's not like we're going to violate any of the bad boy carveouts, I just don't like waiving rights afforded by law or otherwise.Has anyone that assumed a FNMA NR MF loan ever waived similar rights?

For example, if the highest and best use for one of the lots was a single family home that would resell for $500K, would cost $250K to build, would cost $50K for the developer in soft/holding costs, where the developer wanted to generate 15% return ($75K) and you wanted $25K profit, the price a developer would pay would be around: $500K - $250K - $50K - $75K -$25K = $100K Of course, it's tough for you to know all that info, so you need to do some research and talk to local developers.

I am performing due diligence on my first deal and find out the seller can't/won't prove the income on the property, what now?

If you serve the notice yourself you will have to prove to the judge that they in fact received the notice.

I know there will be some tough times ahead in learning from the mistakes I will make but I think that's part of the journey.I look forward to talking with you all.

If you lack knowledge it's tough to pick out who to follow, but that's just part of the business.Anyway, I'd say finish what's on your plate first, there is a reason you bought what you did.

If they know they have a chance to prove damages and they will attempt to collect something from someone on a contingency basis.