Does anyone know of a class action surpluses suit in Wayne County?

I would never do a deal where I 'lost' value in anything in life (career, property, etc).If you're just selling the SFR for let's say $1m and buying the 430k outright, you now theoretically have a ~600k surplus in equity right?

If it still would cash flow fine, I would refinance to accomplish your goal of paying off your primary residence, while having surplus funds to go and acquire another property.

Not surplus lines.

Because of this, it may make more sense to sell and use the surplus cash elsewhere (either by trying to find a rental property that does meet the 1% rule or just invest in the stock market).

Any surplus funds above the agreed uponnet proceeds at the time of closing are the exclusive property of SPS, and you agree that any such funds willbe remitted to SPS, made payable to Select Portfolio Servicing, Inc........***...Provided that all terms and conditions set forth above have been satisfied, written confirmation that the payoff funds are inEscrow along with a final HUD-1 Settlement Statement/Closing Disclosure shall remove all conditions of approval forthis Short Payoff.  

For me to make a profit, and also to incorporate all the moving parts into one P&S.I just thought it odd how broad of a scope the contract was covering by stating "ANY surplus funds shall be the exclusive property of SPS"Thank you for the responseIf you are the one buying (in the first instance), then "surplus funds" are obviously not an issue, because then it wouldn't be a short sale after all.

in Oregon the public cannot bid on tax sales they escheat to the state and then are sold as surplus.. but its so rare to have anything go in that state.CA will have a lot but 99.9% of the parcels that go are bare land.. with the majority of it pretty worthless strips or unbuildable lots.Wa you can buy at tax sale but again very few real parcels of value go and virtually no improved properties..In your area..

I have a feeling you are thinking otherwise, but the owner would not lose his/her equity in this property if the foreclosure goes through... rather he/she would be entitled to surplus. 

You don't receive any surplus funds that would be due to the owner after all liens are paid.