I need to jump in here before the government decides it wants to regulate it!

The Planning and Zoning Dept should be able to answer or direct all your questions appropriately with regards to their rules and regulations.

My reason for asking the question in the first place, is because I am truly shocked that a thing like Short Sales, where the mortgage company is the one that takes the loss, exists.

Hi Tom,There is less risk to a lender if you are only paying off an existing listing versus taking out additional cash.A high note would not justify a higher value.

With insufficient liquidity to meet its obligations, WaMu was in an unsafe and unsound condition to transact business," the OTS said.Seattle-based Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said.

Any legislation that exists...California having the only one that I am aware of that defines rent skimming and was probably put into place due to pressure from the lending industry...i am sure is directed at the big fish who have huge multi family units who stop paying their mortgage and keep collecting rents...the money was originally lent to these people based on the projected rental income.

Also, and again sorry, I'm not much of a shopper--the existing shelf was covered with an oak kind of contact paper.

The 700B is only being created to off set the money that is vanishing from existence because of foreclosures.

I'm just wondering if these banks are all just waiting to see what Congress is planning or if things are business as usual on existing inventory?

Pay off your existing mortgage for about $40K and you get about $10-11K.Then you have a property with a $50K loan that brings in $475 or $550.