The insatiable hunger for mortgage-backed securities created a need for lower and lower qualified borrowers, which ran up prices.

Chase bank recently requested I add this into the listing agreement (LA) I have with the seller:  "SELLER MAY CANCEL THIS AGREEMENT PRIOR TO THE ENDING DATE OF THE LISTING PERIOD WITHOUT ADVANCE NOTICE TO THE BROKER, AND WITHOUT PAYMENT OF A COMMISSION OR ANY OTHER CONSIDERATION IF THE PROPERTY IS CONVEYED TO THE MORTGAGE INSURER OR THE MORTGAGE HOLDER.

Having that option can be a huge help with your mortgage payment and property value.Regardless of what you do, I would continue to invest out of state.

Our total mortgage payment is $540/month (tax/insurance) and receive $900 rent.  

Is there some service that can provide contact information (name, address) of folks who are currently a 2-3 months late on their mortgage or possibly in a pre-foreclosure situation?  

I am looking to make my first deal and was wondering what my odds of being approved for a mortgage are.

I found a duplex on Zillow and the prior purchase price was 96k assuming they had a 80% mortgage they should owe about 71k on the property which is close to the asking price of 74k.

(again, many BP posters are investing in the midwest for 2% rent/purchase.)If your total expenses are $1023 per month (not counting the mortgage), then NOI is $1176 and that calculates (as you say) at 6.96% and 4.97% , respectively, for $203k and $284k purchases.

The mortgage officer will have all the facts....it's not a question of "legal"....if your banker allows it and you qualify for the loan....you'd be saving a little interest.

Could I sign a lease with my wife who isn't on the mortgage/title?