Received an approval to participate letter from HUD.

I have seen several comments that spur other ideas, ie: buying in mass, flipping gift cards, uses of gift cards in other areas of life.The creative banter that comes from such a simple idea is the stuff that makes this and other forums fun to participate in.

An equity note will lose the collateral and would have to sue for an unsecured judgment.What ever deal you strike in a short sale, a second note holder will likely have the same option to pay the amount and foreclose, most institutional lenders won't go there, as a senior lien holder can't put a second at a disadvantage to secure their collateral.I have heard of seconds being discounted deeply and some required the full payoff, even knowing it would go to foreclosure.

FDIC Institution Directory

I refuse to stop participating here on BP.Thanks motiv8td for another chance to quiz myself.

Do NOT get one associated with Community Associations Institute (CAI) or any of its offshoots.

In my opinion, these types of homes won't participate in any market rebound that may take place, even though they did during the last real estate bubble.

Congress (past, present & future) participates in Social Security.

If the owner actively participates in generating revenue, then the income is hit with Self Employment tax.

To protect themselves from such occurances, many are now instituting polices such as the response you received.This is exactly why I say that to have the most success with REO acquisitions, you must be all cash and be able to close quickly.