@Bill Gulley no doubt will add more detail if he's avail.

Originally posted by @James Mudd:...and then refinance to conventional.Okay, so you will buy with FHA with little down, pay 100% of the upfront MIP which is 1.75% of the loan amount, pay the closing costs, then over the first year pay down the LTV to under 80%, then refinance conventional and pay all the closing costs again.Sorry, it still does not make any sense.Run the numbers, you would be a lot of money ahead by just getting a conventional loan at less than 80% LTV from day one.What detail are you leaving out that makes this make sense to you?

I try to do my research before posting anything as I don’t want questions to be redundant or something that people have talked about already in great detail, however I could not find the answer I was looking for.

He also has a great BP podcast that explains this in more details, I believe it was podcast #48.Best of luck to you!

Second you can pay a search company to find out all the details you need to know, but this is limited to a certain % of accuracy and option 1 is your best bet.

I needed someone to simple out the process so that I could go in and add details as necessary.But now I have a good flow chart to kind of go off of and just deal with the curveballs that come my way.

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Assuming you try to work the short sale (by the way if you are not good with details and negotiating don't bother because SS have a lot of details, negotiating, paperwork and follow up) the bank is going to want to get a BPO or an appraisal and if that comes in at anything close to $350 I think your deal is dead.

That also gets recorded to make public the fact the lender has an interest.There would typically also be a promissary note that has the details of the loan, rate, terms, payments, etc.

With less effort than posting on these forums, you could call and get the details.