In this situation the bank made out on the foreclosure-they have covered their unpaid mortgage and legal costs with excess; however this is not the norm these days.

Most of the news people are reading today about our financial and housing mess is due to the improper use of equity.

Give the legal notice required by your state law to go in and inspect--see what condition the unit is in & start advertising and showing it immediately.

Then'd I'd contact the PM to review the legal notice given by the tenant and when to insure that they did give proper notice.

If the utilities are were in your friend's name, what would be the legal ramifications of turning off the utilities other than the possibility of squatters trashing the dwelling?

You went through the house and determined that it was in good shape (except for being a little messy).

I know FAR more average legal residents that have walked away from their houses than those that are illegal.

And I just want to know that legally I can keep the house as long as I re-instate the loan and keep it current.

Get pertainent info from your local assessor ie. legal description (using either the subject props address or owners name).

(And by press I mean legal leverage or some way that makes people listen to you, not just courtesy asking, because that hasn't seemed to work so far).Does anyone have any advise or has dealt with something like this before?