One thing to note: You cannot put your assessment fee into escrow/deduct from your assessment fee unless there is a specific provision in the association documents or a specific provision under state law.

The only right you have to the property is as collateral for the debt outstanding, no more.If you don't get your money from the sale on the steps and you end up with the property, under state law you still may be limited in recovery as the old owner can always step up and say he wants his equity beyond the amount that paid you off (incluing costs and expenses/repairs, etc).

Under state and federal law, upon any event of withdrawl of a trustee an alternet trustee is appointed usually under the trust or by the regulatory body governing the trustee's actions or the court.

The interesting observation is those proclaiming this position the loudest are often the ones who have done little or nothing in legalizing their lending operations, let alone worked to achieve compliance under state and federal law.

Your driver's license becomes an issue under state requirements, so you should use your tax home.

Val Dufour Normally these outfits significantly under-state/estimate expenses.

Foreclosure proceeding requiring 30 or more days under state laws would not be effected, the intent requiring at least 30 days notice prior to any proceeding to secure collateral.If the MH is taxed as RE and RE is included then the default provision would be according to state foreclosure laws.No prepayment penalty would be allowed.Payments would be first applied to accrued interest, then to any late fee not in excess of ten percent of the payment required or $25.00, whichever is greater, then to principal outstanding.Servicing fees by third parties would be required to be included to the qualifying ratios of the loan.

You also need to check on how these arrangements are viewed locally under state regulations as they may be seen as an arrangement to circumvent property management and license laws since you are basically leasing property that you do not have an onwnership interest in to the public.

The savings there offset the fact I was understating my PM and leasing fee so somewhat of a moot point. 

Curious your thoughts on how the understated inflation will impact a note portfolio?