So when a buyback is issued or a loan is simply rejected from delivery, the loan sits on the warehouse line diminishing the lending capital of the lender and carries penalties from the investor who granted the credit.As a result of this function, lenders create what are called "Overlays".

So, yes, absolutely you can.Yes, the UPB is irrelevant if you're taking the collateral, (unless you seek a deficiency) but relevant to the borrower and relevant if it's refi'ed.

I just was amazed to find no record of this "Business Tax" beings the county website says they will impose "substantial penalties" for not having this receipt.

Around me I have a fairly good relationship with a Realtor, Mobile Home Investor, Landlord, Rehabber, and I am starting a REIA to seek out a wholesaler.

Would there have been a penalty if you didn't payoff the mortgage within the one year time frame?

Are there penalties?

Though I am a engineer by day, I have had long nights and weekends educating myself, and seeking those that help me in all aspects of business.I look to start my own real estate investing experience in Seattle/Tacoma area within the latter months of the year.

If so I'm hoping to avoid the mess of payroll taxes and penalties for not paying on time.

I'm not sure how actively they seek further actions of collection, that varies.Check your state laws on collections of judgments.

You pretty much confirmed what I already knew would probably be the answers, but I still thought I would seek opinions, so thanks for taking the time to answer!