Does the end decision rest with the bank and shouldn't any issues that the insurance company has be delt directly between themselves and the bank that is approving the short sale?

The only thing I can see with him, is an ability to be as bull headed as previous presidents, even when the decision may be wrong.That being said, McCain does have the guts to "buck his party".

A prospective Lease-to Purchase was lined up to occupy the home and cover the mortgage payments in many variations of this scheme a portion of the kick back money was supposed to "protect the Investor" some of the bolder operators actually marketed this a a second chance opportunity for the cash rich and credit poor (People with income that was "difficult" to document) The rapidly appreciating markets allowed for substantial "equity spreads" the source of the "kick back money." i.e the FMV is 100K the seller has 45K into the property and would be happy with netting 18K profit, the change goes to paying all the closing costs and a gratuity to the buyer.

so how can a poor schmuck flipping burgers afford to live there?

You'll need "business skills" ...and using your first home as "test case" is a great way to empower your decisions...even if the decision is to forget the real estate business.If you find you like this business...simply "rinse and repeat" the above process.

I think everyone made their purchase decision based on the then market condition.

That is not a contract; it is a poorly worded proposal.

As with most of these types of decisions, it is left to you as the responses here are all over the field.We have given some points to ponder that you may not of heretofore thought through.After reading ours, what are your current thoughts?

*points to corner* It's probably tougher on us "older folks" to see poor (pour?

In fact, I bought 3 properties at great prices because of the poor planning on the part of that one investor.