Any agreements/documents affecting future ramifications on that(deficiencies, judgements, etc) would have to be signed off by original borrower.Re: Buying at foreclosure on a junior debt-yes that would be crazy, no leverage at all.

In some states, that underwater seller might still be on the hook for any deficiency.

Or, they might start it at $250K and go after the borrower for a deficiency.

Yes, any inspection or information about the property is a collateral issue in their decision making process.If there are deficiencies, don't be that concerned, FHA however is tougher, a missing window screen may mean nothing under the program you are asking for.

Loans are not clooateralized to ensure repayment of the loan, that is viewed as the borrower having the capacity to pay, the collateral only comes into play if the loan is not repaid as agreed and allows the creditor to reduce the risk of loss of principal, the loan might not be covered by collateral and with cash advanced loans the lender may seek a deficiency judgment to collect amount remaining.

Sergiu,No fault of yours, but I don't think you know exactly what happened here.1) The sales price in a short sale is irrelevant to seller, since he gets no extra money no matter what the price.2) Perhaps "the price was too low" means that the lender (1st or 2nd or MI) won't waive the deficiency, without additional money from some source.You need to talk the actual person negotiating the short sale.There are more moving parts/negotiations/obstacles to a short sale, especially if there multiple liens, than the typical buyer will be aware of.Again;1) Does your contract/short sale addensum allow the buyer to back out if the deficiency is not waived....some do, some don't.2) Have you passed a timeline in your contract where "either party may cancel the contract"(typically 90 days) or "this contract automatically terminates"(typically 120 days)?

From multimillion dollar business parks, and shopping centers to several hundred thousand dollar properties multi-family housing.orYou require the existing owner fix the ADA barriers and deficiencies before taking ownership, which is probably the cause of the sale.This is very important in CA "Grandfathering" does not exit"Grandfathering"= "Alternate accessibility" which means you will have to spend more money to provide access 9/10 times.Plans signed by the city, architect, or contractor do not mean you are in compliance or meet the code.

Such funds can be used to make up any deficiency in mortgage payments that occurred over the past few months.

You can then explain using the proper terms that you inspected the piers directlt below that doorway and they were on solid footings, that you checked the plub of each door jam and that the door frame was level and from that would assume the header was solid and the resulting crack was not due to any structural deficiency but could be from the expamsion and contraction of materials!

It deals more with the overall foreclosure process, ans time lines for deficiency filings.