LTV and income from the property is so favorable that one would be crazy to default on such l loan .. and the lender (my solo401k)would be happy to repossess the property.What I am concerned with is to do it properly to make IRS happy :-)Any word of wisdom or referrals in CA would be appreciated

Hi Kristine, thanks for your quick response....the MH is in a park....The Promissory Note and Security Agreement is a doc between the buyer and myself and not recorded...simply stating the term of what constitutes default and agreeing that if and when agreed upon amount is paid in full I will sign over title and registered owner status over to him.

A lock pertains to an interest rate guarantee for a period of time, a committment letter is an obligation made by the lender to provide financing....and it should have absolutely no contingencies except as to good title, any other "outs" taken by a private lender who gets cold feet willl leave you on the hook for default in a cash offer transaction.....

Loans can go into default and you can have protections even in default.

Are these amounts generally offered arising from default?

Robert Del Rosario First basic entitlement is not the amount of loan that you can get; it's the amount that VA promises to pay in case of default.

Since you are a two member LLC your default tax entity will be that of partnership.

My landlord has been in default since 4/2011 I have not missed a rent payment and I am current at this time.

BTW, I've seen where a LL will keep getting rent from a HAP contract while in default.

Good luck.Edited: I'll default to Andrew's post of 90 days, here in the past it was possible at 30 days, so now it looks like that is covered, probably universal now.