They can keep you away from the worst neighborhoods.  

Chances are slim that it will get called, but you have to plan for the worst.

Apologize for grammar mistake if there is any.

I understand why you're confused though, this is possibly the worst presentation of a closing statement I've ever seen.Note that if the PMI, MIP, Funding Fee Financed (n) were to be removed, your cash from borrower (p) would need to increase to match the total credits to the total debits.

The one thing you have to remember about cold calling is The worst thing they can say in no! 

That's the worst.

@Ian McDonaldI JUST posted this in another topic:I think one of the most common and yet biggest mistake people make is that they rent out their personal residence after they've lived in it.

Everything and anything will require multiple phone calls, mistakes from contractors, clarifications, etc.  

Seller is asking $750.00UPB: $41,485Original balance: 47,700 originated on 2/4/02Interest: 8%Mo pmt $350.01Delinquent tax $1,102BPO: $16,900If I was to purchase this note and worst case scenario is that I foreclose I was thinking I would have about $6,000 wrapped up into this deal (750 note purchase, 1102 taxes, 5,000 foreclosure cost) with out any repairs to it.  

I highly recommend sitting down with a real estate attorney before you get going on this strategy as he/she can save you from making some costly mistakes.