You don't even have to contact the previous owners unless they start having guests show up to your place and even if this does happen the hosts of the old listings will find themselves with a suspended listing for false advertisement.

Robbing a bank comes to mind.

@Eric Hyde, I've started listening to one of @Scott Carson's pod casts and I was also able to listen to part of a virtual workshop he hosted last weekend.  

However, they're going to want to see that you have some cash in the bank and no HML is going to give you loan if you only have a couple thousand in the bank.

Article from Bank Rate say NEVER EVER....etc.  

The banks sure love playing games on REOs!

Also, I don't know of the specific "rules" about loans that one bank has vs. another because they always seem to vary so much and change so frequently.

I tried to get the bank to drop PMI when I reached the 20%.

The rates are great 4% now was 3.5% they offered 80 90 and 100% LTV but it was on my primary only. suggestion call local banks!

The preliminary closing statement (formerly a HUD 1) that had to be submitted to the bank for approval will detail that.