2) If Frank Dodd is in fact making financing difficult for developers to develop new properties, do you see any relief coming from the Trump administration in the near future?

The lender can foreclose as soon as they get a relief from the stay of sale from the BK court or after the BK is discharged.  

He had the money and after two late fees, suggested he mail postdated checks (as he did in the past) for the rest of the year, worked out fine and with 1,000 miles between us, was a huge relief on both of us. 

That gives me some relief knowing there's that option available.

Of course, when there is a disaster the U.S. does contribute MOST of the relief, but this is as it should be since America causes so much trouble and ill will in the world.

At my local REIA meeting, there was a sentiment from the more veteran players (particularly the mortgage brokers) that Fannie MAE/MAC will change mortgage allowance from 4 to 8 soon to help relief the number of foreclosures on the market.Does anyone else have the same sentiment or has heard similar from their REIA?

The difference there is you might give a PR more relief than an investment property.  

Maybe the "value" is ready cash, perhaps it's the relief the seller seeks in unloading what for them is a problem, maybe he just knows the market better. 

You also become responsible for making repairs and fixing the things that break and you can be pretty certain they already know the maintenance they’ve deferred and will breathe a sigh of relief knowing that now someone else is financially responsible for it.

You do need a seller who is motivated by debt relief, and it's a good idea to buy properties that don't need any repairs.This is the type of deal I've been doing for the last 16 years.