ARE YOU KIDDING ME....It's the best thing since sliced bread, that course carries more weight than MR T carries around his neck, and if I study that course even one more time I'm afraid I'll turn into the next Donald.And if you don't have that course and are not listening to it each day too and from work, then here's what you should do.

Also, if the buyer has a buyer's agent who does their job properly, they'll be notified of what the seller and their agent are trying to do.But on the whole, I think the good points out weight the bad and I think I may try this on a seller's listing.

scottthanks for the input. the 70% ltv is interesting. i'm doing one right now where the interest rate will jump 3/8 to 1/2% from 75 to 80 ltv. at $64,000 it is not a significant amount, but definitely something to keep in mind.i'm paying cash and after rehab will refi(1-2 months most). not sure how much weight that will have on refi.i even thought of offering a private investor all proceeds over 80% when buyer sells or refi's. that way i get my cash profit up fron and monthly pmts with the wrap.still a work in progress for exit strategy.jim

The contractor was never in town, didn't pull his weight, and it was one delay after another.

essentially, i was at ft dix, preparing to ship to iraq, and about 2 days before closing he demanded a significant price reduction because i was "ripping him off."

I'm hoping that means others would be interested in larger reductions!

Loss mitigation techniques include the following: Special Forbearance, in which the lender arranges a repayment plan based on the borrower's financial situation and possibly provide for a temporary reduction or suspension of payments; Mortgage Modification, in which the lender reduces the monthly payment and/or extends the term of the mortgage; Partial Claim, in which the lender obtains a one-time payment from the FHA insurance fund to bring the mortgage current; Pre-Foreclosure Sale, in which the borrower avoids foreclosure by selling the property for less than the amount necessary to pay off the mortgage, and Deed-in-Lieu of Foreclosure, in which the borrower gives back the property to the lender.

As another person stated, there's just not enough information about the scenario and the individual needs of the borrower to determine if an interest only loan is appropriate.There is no restriction on an interest only loan preventing a borrower from making principal reduction payments.

I do know that many of the postings list; big price reductions and/or builder incentives.

There are not any additional reprocussions with HUD and several times I have ended up purchasing the property at a lower price following a price reduction