Occasionally, the insurance company will fail to notify the mortgagee if there is a cancellation, so you should check with the insurance company for current payments.Also,should the borrower declare bankruptcy, you will need to keep up the taxes and insurance for a prolonged period of time without moving forward on foreclosure.

Why wouldn't a bank simply look at your tax returns, see what you've legally declared?

Do you know whether this brother in law declares the rent money received on this equipment as income?

On that form you will declare whether or not you will be taking your homestead exemption on the property.

As they say, 'when all else fails, read the instructions'.I'm wondering if this changes your opinions any Dion DePaoli, Rick Harmon and Andy B..Also I'm wondering if I can track them down and have them sign another Affidavit of title declaring that the judgments showing up as open are not theirs.

No, you can own a rental and qualify for FHA, but you need to declare that the purchased home is going to be your primary home.

In my case, since my adjusted basis (purchase price minus deprecation) is greater than the total amount of my non-recourse debt, I have a non-deductible loss and should not owe any cancelation of debt income, and also should not have to declare insolvency.

You have to be careful that the seller is considered of a sound mind and has the ability to enter into and create and valid purchase and sale agreement.If they are later on found to be not capable of entering into a contract the whole agreement can be declared null and void.I am not talking about people putting on a show to get out of a bad deal but people that are really not in their right mind and capable of making a decision of that magnitude.

Since you filed for BK you have othr issues, on the 1003 loan application there are some questions asked that will kill your application for 3 years;Have you declared bankruptcy.....have you had a foreclsoure or given any deed in lieu of foreclosure, and others pertaining to other loans....To qualify again, you'll need to re-establish credit during that 3 year period, often it's not sufficient and takes 4 to 5!

Preamble: "An old saying declares that “the cobbler’s children have no shoes.”