I have seen two foreclosed properties where the residents who are loosing the house deliberately sabotaged and otherwise damaged the home.

Will the lender be able to come after our primary residence if we just let them go to foreclosure”.

Thanks in advance.Live in it as your primary residence for 2 years out of 5 - this will avoid the entire tax.

After the meetings, they do not send out any tpe of newsletter informing the residents about what was discussed.

I have yet to purchase any properties, which means I qualify for the first time home buyers assistance (not sure how much assistance this actually is yet) and I plan on purchasing a duplex, triplex or quadplex sometime in early to mid 2009 as my primary residence.

I am rather new to the game of real estate investing....I have done my homework and have found a great property to start with, I plan to purchase a single family residence on assignment and then sell it to other investors i know that will rehab the property to use as a rental property.

I have seen MANY "resident managers" that had a pretty free hand with supplies that "fixed" and painted neighbors homes/apartments for a little "extra" income.

However, if that home was a personal residence, when they bought another house, they probably overpaid for it and now that house is almost certainly worth less that what they paid.

`(b) Purpose- The purpose of the HOPE for Homeowners Program is--`(1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;`(2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;`(3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;`(4) to target mortgage assistance under this section to homeowners for their principal residence;`(5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program;`(6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and`(7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure.

You will depreciate the property over the course of 40 years rather than 27.5 The reason for this is to encourage US residents to reinvest in the US rather than outside.