The truth is your home prob. wasn't worth 105K and it worth more then $22K but the new rules that went into effect on 5/1 are going to plague you.You really need sales within 3 months - time adjustments are not being used as they were in the past under the new guidelines so if there are no sales within 3 months other then forclosures sales then your kind of stuck.You can try to go to a new lender but unfortunately this isn't a lender problem - this is an appraisal problem.Let me know what part of Michigan this home is in and if it is in an area where I know a trusted appraiser you can pay him $25-$75 to give you the real deal - a value check costs like $25 and a desktop appraisal will cost like $75 but this guy is good and will give you the value a lender will accept.The one thing you can't do is go from lender to lender in this market - you need to step back and look at plan B and C move forward with those...Not being a jerk here - just giving you the truth about the current market.

Even with such large price drops in some of these areas it is amazing to see how many people still can't afford to get in as home buyers, perhaps a lot more price adjustments are in our future.

Additionally, please note that by tomorrow, the award tally will be adjusted to be retroactive for all member activity.

The offending text of the bill is in section 101(3)(e), which defines who is exempt from being a ‘licensed mortgage originator’:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-- (i) is fully amortizing; (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan; (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and (iv) meets any other criteria the Federal banking agencies may prescribe.

I recentlly did a model on a condo project in Tampa. 40 percent of the adjusted basis was the amount to bring the HOA above water with reserves and such.If the association is toast, walk awayMost countys will not let you uncondo the properties back into apartment buildings.

is just an adjustment to your "Transaction One", as I called it.

The methods are similar to appraisal, get 3-6 recent (3 months old) sold comparables and 3-6 recent active comparables, adjust the prices based on condition/location/features/etc and determine an AS IS price and a REPAIRED price.

Then get the 1st and second mortgage info, verify all his numbers and adjust your contract a bit to the exact numbers.

Completion date shall be adjusted for change orders as agreed between Contractor and Client.make sure you get a lawyer to review any contract you put together as your local laws will impact what you can and can not legally bind a person/company to.

So, in real terms (real means inflation adjusted, that's, what you can buy with the money), the property is worth only 1.3 times its initial value.The calculation is down as a power function in Excel: Power (1+rate, term) where rate is the appreciation rate (5%) and term is the number of years (30).There's not quite enough information to fully answer you second question, so I'll make a few assumptions.