(Not much equity if any)What I've done since this all happened is call Countrywide, got permission to Countrywide from Adam to talk to me about his accounts and have gotten them to agree to let me assume the loans by simple assumption providing I can get a letter from the bankruptcy court stating that Countrywide has permission to change the name on the loans.

I assume you have seen those?

They assumed by the time the loan reset in 2007 the house would be worth $350K and they could refi into another loan.Instead, the house is now worth $250K.

is currently 698.84 and droppingI have seen other properties for rent in my community at 750I may have a good renter (friend of the family, who happens to be a home painter) lined up for somewhere between 700-800, so lets assume 750 for the discussion.

Generally, if you do EVERYTHING right and assume 100% financing (but very low LTV), that will be about $100 per unit per month.

Let us assume that the bank wins the bid.

But, maybe the reflects timing of different loans rather than different states.You should always assume you will have to pay one term of insurance when you buy.

A hard money lender will go up to that $230K, assuming $230K is only 65-70% of the ARV (probably closer to 65% for CA, from what others here have said.)

I was lucky enough to sell my house to my tenant ('87) as it had a fully assumable VA on it.

What are the chances of trying to purchase the property (i will be the principal) during the time of the Trustee sale (i will attend sale to track the sale) and before it is listed as an REO assuming no one buyes it at the Trustees Sale?