All communications will be confidential:Tom Melton, Sr.

Wouldn't prices have to fall very sharply to create this situation, and even if he'd only paid off a little of the mortgage wouldn't he still be in a fairly good position?

Dwayne - If I had to correct all of the grammatical and punctuation errors on the forums, I'd be doing it full-time.Sadly, as instant messaging emerged as a form of communication, the proper use of the English language declined.

There are a fair amount of REOs on the market and some are selling (our local paper lists the transactions and one week the "sellers" of 32 of the transactions were lending institutions).

So how should I communicate or talk to the lender about it?

Question to all: I visit www.huduser.org for the Fair Market Rents, but is there any other tool/website that will say what the rent is in a particular City (and County unlike www.huduser.org)?

An old single wide can be stripped and hauled to the scrap yard fairly easily-- there's not much holding them together!

I'd read $5000 as a minimum here and elsewhere, and it seemed fairly reasonable as that's approx 3% of the average market value in my target area.

On the other hand, I won't let my siblings take what would have been mine EVEN if it costs me more in attorney fees to get my fair share.

We do a fair amount of multifamily too (mainly larger complexes), and have found expenses on smaller complexes (10-50) can be quite a bit higher per door and are often under-reported by sellers and management companies.