Most people are very quick to dismiss spending that much as an absurd amount to pay for something you can learn elsewhere but there are many niche areas (finance, notes, restructuring, even negotiation techniques) with one little tidbit that can easily make you an extra $2000 in a deal let alone the $200000 you make off that one idea over a lifetime.

Find out what's their situation and try to work out a win win for both of you, restructure payment plan to get them back on track, maybe they want to get out from the debt and they deed you the house.Or you you can start to foreclose, you are essentially the bank owning the note.

I will continue to live off that while I replenish my reserves, pay down or restructure some debt.  

(never start with your highest and best offer).Or tell the wholesailer/ seller you would be willing to take over payments if THEY get all the back payments re structured with the bank.Make these two quick offers, then move on.

One option I am considering now that you bring that up is seeing if I can restructure my student loan payments to have them lowered.

If you are an employee, convince your employer to restructure your compensation to accommodate these expenditures as tax-free reimbursements.File an extensionMany practitioners have maintained that the audit rate has been lower for extended tax returns.

At that time we can renew/restructure/payoffI was hoping for 20% down and 15, or better, 30 year termFeedback...

They help you restructure your finances, build a business plan, present to banks and get you on your way.

Make sure you account for holding costs, closing costs, and lee-way (in case of unforeseen work that needs to be done).Also, be careful with condos, FHA restructured their requirements for condos and some associations won't meet the requirements (particularly for non-owner occupied properties).

My concerns are 2 - the house has a galley kitchen and no way to take out walls to expand or restructure the kitchen (typical for the houses of this age in this area) and it has a shared driveway.