Unless you are on the board of directors, you will likely not have the inside scoop on what took place, nor will you ever be able to prove they acted irresponsibly or out of compliance unless board members come forward to complain.

note : Thanks to BP I am fully aware how challenging investing is - I have been reading up voraciously - but now it's time to pull the trigger.

Same issue here, but very infrequently, kind of hit and miss, only happened twice on my ad.Can't find a specific reason that triggers it.

This will give you an idea if the property was in compliance on that date since it passed for conventional/gov. loans at that time.

I have been reading these forums for 2 years and finally pulled the trigger.

With that said, I have a few questions...To be sure that I do not trigger a due on sale or transfer clause, should I have my current mortgage company for written consent to do so?

Just put offers on ten short sale properties and the first one who agrees to your terms is the one you pull the trigger on.

The bank would issue a 1099 for the forgiven debt which would trigger the tax obligation.

I didn't exactly do fantastic, but I never ended up in bankruptcy.I think most people get stuck in the analysis portion, and can never pull the trigger.

They test landlords and sellers (Realtors) to see if they are in compliance with regulations.They might hand you the money, get a receipt and call you later to cancel the application, so know how long they have to cancel, if they can, and be entitled to all monies back.