So the moral of the story is, before sending out a marketing campaign, make sure you can respond to any leads ASAP.

Thanks everyone for the advice it was a well needed morale boost.

Let's put the morals aside for a second and just concentrate on the law.

In the rare cases that I've found them after closing I've simply shown them to the closing agent, they've rechecked their math and paid me any monies owed.Some pretty tough federal rules on closing so if there's a mistake it's usually pretty easy to rectify.Suing is ALWAYS a last resort, especially at that amount because you're going in "naked" (no attorney) and a local JP can always claim no jurisdiction on Federal laws and kick you to the US Disctrict Court.OTOH, I've found moral suasion to be a very effective tool when dealing with companies that rely on their public image.

., if you now make an offer directly to the listing agent and your agent finds out about it, s/he is not going to be happy, no doubt.IMHO, it's not the morally right thing to do either.

what Jaime said:) there are some things you can do that are in the "grey area," that really aren't morally or ethically wrong in my opinion...

If this was just to avoid the negative equity besides the morality issues with it I do not think it would end up well for the borrower

The moral of the story, you want to ensure they can make their payments with some degree of ease.  

In addition, for a YEAR before even having my license, they provided me moral support through my licensing process, emailing me and calling me weekly, and having me come to any and all Real Estate meetings they had for the brokers so I was familiar with the industry.

at the end of the day.. it comes down to your moral and ethical compass.if your comfortable telling someone your the buyer when in fact your not.. then I guess that's your call.although I believe the way wholesaling is taught that practice is not legal without being licensed..