@Jon Klaus I'm surprised about the patience, too. The

Just remember no matter what you put on the refinance application the underwriters will screen it with a fine-tooth comb.Joe Gore

I would go through the financials with a fine toothed comb and question/verify everything.

that includes financial analysis too?) The

Consider too, the property could have been pledged on a commercial loan and the judgment for the million plus can arise from other debts, not just a mortgage.If the property value is well under that judgment, it's obvious the home was additional collateral.So, no, you don't have to bid a million plus, unless that is the entry bid by the lender, that would put the auction in question, but that's another issue if the property is not worth near that amount.The lender can sell the property for a satisfactory bid, near market and seek the deficiency remaining.

They are there to make money too! The

What Shiller would say is that these communities were not anomalies, but rather the norm example, though in reality they were losing value in real terms because of the erosion of inflation.

Curious if by some odd chance it is Citi too. The

Yes, you should expect that the bank will do all they can to limit thier losses and grab every penny they can, they are lenders, not landlords.Keep in mind too, the tenants could be kicked out after foreclosure in a commercial property and the bank has no interest on who might be in there if push comes to shove.

While these issues are not directly be a requirement on Mike, having his partner get in trouble won't look good in the public eye and the RE commission may go through past transactions with a fine tooth comb, something you don't need.