Is that correct?

While neither are specific to one MSA/location, and each have a bit of extra stuff in them (ITB includes a bit of home DIY store stocks), they should be directionally correct in case of a big downturn.

I had lunch in Dallas last week with two bankers friends who is at the top of the food chain, and they don't even know how the Dodd-Frank act will work, and they have a team of lawyers the best money can buy.

That is correct.

If I understand correctly this means that if I default, he doesn't even have to foreclose he can just file the for the deed to transfer to him.Now, what is stopping him from going and transferring the deed even without me defaulting (after I sign off on the Deed in Lieu)?

Fun new restaurants opening or the same old run down Chinese food store on the corner that you wouldn't eat from if your life depended on it?

Correct.

You are correct but if you don't closed you lose your EM.Joe Gore

I went in completely unprepared with no education on the correct way to do things.

You just need the correct forms and the services that are provided are disclosed prominently.