If 5-7 months, consider it a balanced market, more than that is a buyers' market.

I would buy a partial or entire low balance note; or JV with an investor who buys NPLs and does a workout etc.

While you're right in some regard, I'd say the speculators were just the tools on which banks built their toxic balance sheets.Here are the 5 pieces of the housing bubble machine:United States GovernmentBill Clinton rewrites community reinvestment act in 1995 basically making mortgages available to most borrowersFinancial Institutions Originating NINJA Loans like crazy to repackage into mortgage backed securities (MBS) and sell to investorsESPECIALLY SUB PRIME MORTGAGES which generate the best yield Banks sold these off of balance sheet within 30 days of origination so as to never experience the penalty of booking a high risk loan (no collections expense and no charge off)Federal ReservePinned interest rates at zero bound to help recover from internet bubbleCreated a lot of leverage in capital markets to buy MBSIncentives for consumers to spend on housing and HELOCsHedge Funds buying Mortgage Backed SecuritiesHedge funds looking for yield had a great demand for MBS, especially on subprime debt (nobody defaults on mortgages, right?)

More importantly, what is the Total balance due to B of A, and can you pay off the full amount?  

With no monthly payments, interest and loan balance due at six month or pay just interest and a fee to start another six month loan. 6% interest rate I think 

These are general guidelines for bankers, however there can be flexibility depending on deposit balances, personal credit score and history with the bank.

Paying down the balances on any cards to below 30% of the total limit makes you look like a more responsible person and a better (lower) loan risk. 

For purposes of discussion here, assume the HOA is well run, the annual operating budget is sound and the account balances for reserves are within the guidelines set forth in the most recent reserve study.  

And open an account with a $5 minimum balance......

I understand that refinance topically add more balance to the loan but 16k?