My brother lives in arizona, He is recently divorced and having a tough time making payments on the house they bought together, BofA and the government modification folks say they cant do anything until she signs a quit claim deed which she does not want to do. i believe she is concerned about future financial responsibility for the house she doesnt live in anymore even though az is a non recourse state.my questions are:Is there anything he can do besides foreclosure?

See also this government sponsored entity document for details... page 216 under 'Limits on the Number of Financed Properties'.

Im finding that deals on condos in the area aren't bad at all but I suppose that is due to all the stipulations and HOA's governing.@ Ibrahim, Where would I go to check the database?

I've been analyzing some deals and the possibility of using Homepath financing.I know and have looked up the basics of the Homepath program but wanted to hear from BP nation your experiences and thoughts.Also, has anyone been successful in getting the asking price down significantly or is negotiation limited because these properties are government owned?

Also, if the bank is gone, the "assets" of that bank went somewhere - government or another bank or whatever - so they have the rights to the property.If you want to do the deal, you would need to do a lot of background research to be certain you are actually buying something of value.

The government felt so sorry for me that they gave me $120 earned income credit which reduced the taxes owed to $118 for the year.

I thought I heard something about the government granting a visa for buying at least 250,000 in real estate as a way to stimulate the real estate market.

Toni,It's a little unclear to me if you're buying or selling.If you're buying, many banks/government entities have various periods of time ranging from 15-30 days in which only owner-occupants can buy the property.If you're selling, the bank you bought it from cannot do anything to prevent you from selling for any amount at any time unless you agreed to it in their addenda.

I soon learned that in order for a neighborhood to be revitalized, eventually all of the players - residents, businesses and ESPECIALLY the local government - will need to be on board.IMO, you can tackle this from two angles:Pull together the local government, businesses and Investors (don't try and go this alone.

Yea here's one of my rental numbers, which was bought last June.Purchase:26,000rehab:5,000Taxes:1500/yearInsurance:500/yearrented:908/month section 8 tenant build:1986Sqft:1260The rehab was give or take around $5,000 but this is because for Section 8 the inspection is very detailed and had to make some fixes to get it to government standards.