In simple terms, a mortgage is a loan agreement or contract with a Bank, Lender, Private Lender or Investor, wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.When a borrower is delinquent the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments.

Luckily Joe, this is a hypothetical scenario and not one that I have exercised (yet). 

It says they can terminate if we default in anyway and keep deposits in one billed point.Under that they say they can exercise other rights or remedy here in or within law.I’m obviously going to get an attorney.

On a side note, with EMD's, I highly recommend all Buyers make sure to include a specific time frame for the money to be returned if contractual right to pull out is exercised (long-story here).3.

The next step is to go out and look at a number of properties together back to back as an educational exercise and to establish a bse line for what a deal looks like.

Maybe several weeks on market with no interest at their current price will soften them up.Now, if you're able to get it under contract for a good price, it's time to exercise that due diligence clause. 

However, the option for the lender is to exercise the due on sale and foreclose on the property. 

May be worth exercising a bit of patience.

They also asked if they could have some stuff that was left by the curb - old TV & broken exercise machine - and I told them to take anything they wanted.

Kier,Thank you for the information you provided recently regarding equitable interest.Guidance the Department received from the Virginia Office of the Attorney General indicated that equitable ownership exists if there are no further terms or options to be met or exercised by the individual attempting to acquire the subject property within the contract.