Citimortgage will loan on your 5th through 10th property (spoke to them on 10/26/10 of this year, I assume nothing has changed): * 30 year fixed* Must have 6 mths cash reserves on all properties (Fannie standard), not just subject property * LTV to 75% * Only 1 and 2-unit properties, no 3's or 4's on the 5th thru 10th loan* Lender fees $665 (this is very competitive) * He stated up front will be lengthy underwriting, having to verify operating results on 5+ properties * Will loan down to $10K, believe it or not.Flagstar -> also goes to 10 loans including home (also no 3 or 4-unit after 4th property)

I prefer not to take this to court, as the property is in Mexico and the process is very lengthy, and expensive.

Keep in mind that the bank that does the loan can call the loan if you have ANY option on it too, regardless of length. I

I think its just more that the contract is really lengthy and I don't want to overlook anything.

I very much miss that feature, especially so for very lengthy threads where I've already read up on the earliest posts.I agree with your second item as well.

I'm worried about not having a solid buyer or waiting for a lengthy time to find one if I were to pick up this property.

The foreclosure process is a LENGTHY one and not pretty.Doing this without a broker/agent, assuming you don't have much knowledge of RE, would be a pretty difficult task.

Recourse with the loans will depend on loan type and state laws.What might be best for the seller might not be best for the buyer.If they are in a judicial state the foreclosure process can be very lengthy for the lender.The possibility of a BK filing could tie the non-performing asset up for years.An not fully educated investor and seller on a short sale is ripe pickens for the lender/servicer who owns the loan.

Pensions and social security as well as LENGTHY investments make them your ideal buyer.

Remain unable to collect (Just received offer from agency to attempt collection at 30% fee)If one does continue with the default payments and runs into the above recovery can be lengthy.