Hi again Wayne is correct about the lender lowing the loan balance (I wish)However the deed does not have to be transfered go to my blog here to see why...http://www.biggerpockets.com/blogs/4633/blog_posts/33239-creative-financing-in-a-nutshell-part-one#c_15713

Start with them they should get you to the correct area about purchasing the note.Make sure you do your due diligence on the value of the property prior to making an offer as I am sure there could be surprises of damage and maintenance on the house.

. . .1) a 60 year old house in dated but reasonably good condition is purchased for 75K2) the insurance agent's system determines that the correct replacement cost value for that square footage in that location is 190K3) it's insured for 190K, but with Actual Cash Value coverageWhat amount might be paid by the insurance company if it was a total loss shortly after it was purchased?

I remember reading that there was supposed to be a new wave of home sales from bank foreclosure inventories, but I never saw it.

I can get details from my brother in law, but if I remember correct if you live for a number of years you get about 60k in free money...

You'll need to determine exactly what it is and plug in the correct number;3.

Is this another bubble, or just a very vigorous correction?

@Michael Power Filipe is correct.

I also read that some rules changed and now the PMI can NEVER be removed (even after 80% LTV is reached)Is this correct?...

I wanted to make sure I get the process correctly prior to purchasing a mobile home.