I actually borrowed (for an obscene rate) the EMD (and my EMD lender's POF bank statement) to put it under contract (FYI - even desperate sellers are not ignorant re markets/ value/ POF like they are often portrayed here).

If a broker or agent is desperate and has no clients I suppose they would try maybe anything no matter how far fetched it is.

Fast forward to today, the condos were never updated and fixed..a few of the buildings burned down, the quality of tenants that it attracts is just awful and now the seller desperately wants to sell but can't since they need 70% of the tenants' vote to sell the property off....I dont know anyone who wants to touch that place with a 10 foot pole.

Im really desperate for this loan.Any ideas of who would be able to grant this for sure?

Might be too much to hope for, but it would sure keep the public out of trouble and be in the public interest.Desperate people have desperate ways :)

Also try to put only $10.00 as deposit.Do you feel any guilt lying to desperate homeowners just looking for a way out?

I would be concerned that 50% sounds almost too good to be true, like he is desperate for funding and has no other options...which would not be the case for an established builder.

In desperation, I come to BP and ask for help: If anyone can share some experience in how to remove this nasty paid charge-off item from my credit reports, you have probably just saved my life...Thanks in advance,Michael

At that point I stopped buying homes and went into a kind of hibernation mode as the property values tanked and desperately just trying to keep everything afloat.Fast forward to today.

This is, unfortunately, a business that is full of folks who prey on desperate people.