Funding Program Requirements: - Complete the Funding Application - Submit 1 to 3 page project summary or business proposal or Executive Summary** - An original bank “capability†letter or current bank statement, which states borrowers financial ability to place the minimum $100k or 10% (whichever is greater) of the loan amount into an escrow deposit - Last two (2) bank statements (When application is preapproved) - A company business plan (if necessary) and Insurance (if necessary) - Last two (2) years of income taxes (if applicable) - Borrower’s legal documents (Filing receipt, tax ID, etc) - Two (2) color picture ID for principal.

He says its all about contracts, and how they are written to circumvent the anti-L/O legislation.

•Solicitation of bids and proposals.

:wink: Selling real estate is over-legislated.

It has been proposed that Lubbock build a ballpark downtown (a couple of miles from TTU's field) that Tech will use as well as a minor league team.

If this happens, you may be able to present a 'short sale' proposal to the mortgaees...

Now one of the investors I know in Atlanta says that his attorney requires that he have the funds to close on a double closing just in case it falls through, but he didn't mention that it was a legal requirement.Now if the buyer doesn't end up closing I could see where there could be some legal ramifications if you don't have the money, but I have doubts that there is legislation against it.

*************************************************************HUD No. 04-037Lemar Wooley (202) 708-0685www.hud.gov/news For ReleaseWednesday April 14, 2004 HUD RAISES FINES FOR LENDERS WHO FAIL TO ASSIST TROUBLED BORROWERSWASHINGTON - The Department of Housing and Urban Development today published a proposed rule that would triple the amount of damages HUD can seek against a FHA lender that fails to engage in loss mitigation techniques.

I know that Colorado was considering some legislation requiring agents (they have fiduciary responsibility to the public) provide minimum service but it didn't get far.

He might as well move from the area or work for someone else.I'd try to work it out so that he doesn't lose but he got himself in the deal and you based your transactions on what he proposed, so he needs to take responsibility too.