There was a law passed during the Obama presidency called Protecting Tenants At Foreclosure that covers this; it was amended as well, so you will want to look at the amendments because they clarify some issues. 

I have had this discussion on the phone many time with the vp or presidents of banks.

````````````````````````Now find an attorney, get a recc from the REIA president.  

We bought it about 2 months before it would have hit the market, which is very rare.You can search for Will's experience of getting to know bank presidents at local banks and having success that way.

Address directly the bank president/CEO.

Bill -This seems like a major slippery slope...What if someone went crazy in a supermarket, yelling, "Obama is a horrible President and he makes me want to kill people!!!"

The President spoke today . . . the Dow fell 281 - cool!

Seller is the former president of the condo HOA and is willing to finance; though financing specifics haven't been discussed.

As Ronny pointed out you need to determine your level of risk tolerance and work within it, but leverage is one of the greatest benefits of investing in RE vice other assets so I believe it is wise to use it, intelligently and properly, if you are going to be in this space.

I want to purchase this property but need to find $80k to $100k to close the deal with the bank which currently holds the loan on this property(bank loves this property and wants to hold it so the president has mentioned he is willing to require less down).