While I think you are right, it might be a stretch to think that we will all be waiting in food lines, I don't think things are going to be very peachy for much longer.Most everyone in the 30s probably thought the nation was in the 'information age' also.It's hard to see the effects of this economy right now, over the next year, as the credit crisis takes its full form, you will start of actually see people losing jobs.

Hi Tami - I mildly disagree with Richard's answer that your transaction might not be worthy of an exchange, but be sure to see the info below, too.

It's just not going to be as steep.Unfortunately the effects will now be longer lasting because we just added a burned to tax payers that will only compound the pain and accelerate a weakening dollar and higher inflation.Next Monday could be the bombshell.

How does defaulting on a contract for deed effect the buyer’s credit?

What do you think will be the effect on the rental market when illegals in the south west states start going back to Mexico because they can't find jobs?

Your best bet, if you can find a lender, is to do a straightforward refi and pay your friend off as part of that transaction.

If the loan is at a lower rate than current rates, you're effectively getting a discount on the face value, though.

As you are acting as principal in the transaction, you do not need a RE license.

So, if you own more than 90-92% of the retail value of a property, you're effectively underwater.

I am curiuos to have insight from people who were in the business post Savings and Loan Crisis...specifically from a more experienced perspective..What do u guys think will be the effect of the Bailout ...vis a vis Rea l estate prices....PLS I DO NOT WANT THIS TO DESCEND INTO POLITICAL DISCOURSE, AM NOT INTERESTED IN SOCIALIST,FASCIST AND CAPITALIST POLITICAL DIATRIBE( NOT INTERESTED) am stricly interested in what I can do to better myself under this emerging conditions.Thank you