This would be your total recoverable amount should you foreclose or should the borrower refinance or pay off the loan, assuming there is enough equity in the property to cover the total amount. 

- if yes, then transfer the deed), and tell them that you will "TRY" to stop it from going into foreclosure, etc.Essentially have them either sign over a quit claim deed (make sure both husband & wife, or partner is there), or the best way to CYA is to have a deed put in escrow with your attorney if you are not familiar with table top closings.Now you have a deed so you have control of the property, and then you go and try to find your lease option buyer... then if you cant, just tear up the deed and move on.

The guy said nothing bad about me . . . stop starting trouble people :whistle1: He did, however, try to use his 1 post to get business for some website somewhere.....

I was laughing till I could Stop!!

He won't have any financing issues with you filing foreclosure and stopping him from getting the money for his new place.If he leaves I wouldn't expect to get much back from him, so it would go to auction and you are out all the expenses to file, so why not just get the title given back to you and save the hassles?

I'm a little unclear on the actual process of having the interest in these notes assigned.I know it involves an basic assignment of note, having the named-insured on the insurance policy changed, and notifying the borrower of the change.

FHA is making a come back and people are really starting to realize the benefit. 3% down, gift funds allowed, non-occupying co-borrowers and on and on.

$1200/mo.There is strong interest in the basement suite at $850 but I have stopped advertising it because I want to get upper level guy moved in, and settled for a few weeks, before getting basement moved in.

The second option is a loan modification, where the borrower and the lender agree to new loan terms that are acceptable to both, perhaps with a lower interest rate but larger balance.

The point being that you can't borrow too much on the property or you will begin losing money.Good Luck,Mike