And only that value will be known and used by underwriting to approve a loan.Maybe I'm misunderstanding your question though.

I find that usually this is not the case; that it is usually the principal himself that is unwilling to agree to the terms of the deal, and that attorney is the excuse for not signing or changing the terms.That being said, there are times when an attorney or other advisor does give his client bad advise, either through a misunderstanding of the market being dealt with or for more personal reasons.

It must have been my misunderstanding.

Specifically with respect to RESPA, I may have a misunderstanding of "leads for sale" or "bird dog fees".

Perhaps I misunderstand the situation.Find a rental property that you can actually afford.

Always fill out and sign some sort of contract or agreement so there is no misunderstanding what everybody's duties and performances should be.

Steve,Just in case there is a misunderstanding, my comment of do you work for free was not intended to be directed AT you, but a question to anyone asking the question you presented.

Jon, there was probably a misunderstanding of what you quated about not getting the property.Any junior (residential) lender wil lhave to payoff the first to protect their interests, the senior lender would not get the property they would be paidoff.Lenders and investors who do funding will often try to do things that they might see is beneficial to them to try to better secure their interests.

Happy Holiday'sI thought we just did, but perhaps I am misunderstanding your comment. ??

We're going to get him on the phone and make sure this isn't a simple misunderstanding, otherwise this guy is not getting paid.