Purchase price is $57,000 (Out of State Owner that went Bankrupt)Sold Comps from the past 6 months puts the value at 100-120K.Gross Monthly Lease is $1,300Here are my Options1) Pay cash for the down payment- Buy property with 1yr Interest only.2) Use LOC for the Down Payment- Buy property with 1yr interest only.3) Pay cash for the property 4) Do a 5yr ARM with 15% down.Would any of these methods allow me to refi 100% of the original purchase price in the next 6months-1yr???

Regarding "Wachovia's books were worse and it wasn't any mystery as to why they had to be bought by Wells..." the announced buyout was days after credit markets collapsed, Lehman went bankrupt, and Merill Lynch was acquired by Bank of America.

A friend of a friend filed bankruptcy over 3 years ago. The house was forclosed and he moved out of the house. The bank that forclosed also filed bankruptcy and was taken over by another bank. Supposedly, THAT bank...

However, what happens if the SD IRA trustee goes bankrupt?

I am concerned about these prospective tenants, since in their history there is:-bankruptcy-walked away from a lease when they went bankrupt-they have NOT paid their April rent yet, and today is April 9th!

If people get greedy (lenders in 2005) the economy is meant to go into a depression or recession to correct the natural flow.Big companies that got too greedy are meant to fail and go bankrupt.

This is not meant to be legal advice of course but I would explore other options before deciding to go Bankrupt for $40,000 which by itself will incur legal costs.

I have to calculate, ". . .will this one bankrupt me?"

The developer was originally supposed to maintain a fund and do it, but he went bankrupt.

trigger".I could call GMAC...wait..they went bankrupt...I could call Ocwen.. and talk to my guy in India that answers the phone, and tell him I just did a wrap note on the house, and the payments will still hit the account each month on the 1st.