If they have  a personal guarantee from you and you are not insolvent then I do not see that happening.They know you have assets and income and will go after you rather than taking a loss.The 20k is usually a promissory note where the bank agrees to release the collateral for XX and then you keep paying the difference.The bank might require you to secure the promissory note with one of your other properties that has equity to attach to until it is paid off.If you are paying 20k it will still cost you money but you will not own the property anymore or deal with tenants in a crummy area etc.No legal advice given.  

I know the standard is first, last and security deposit.  

He had sold it, very quickly, the next day.we are now trying to figure out where to go from here my husband just changed jobs, I'm doing this full time do I am not sure what or next step needs to be.we need to secure lending before we find anymore houses.

Hello Darnell,If you find a great deal and present the lenders with an analyses spreadsheet that shows your deal, as well as at least one exit strategy to secure your deal, then it should not be hard to find lenders.  

Our buyers for our projects have no credit, and most of the time, no social security #.

The worst is small claims cases for return of security deposit.

I really would like to secure this deal but i'm running into issues.. 1) I bought a 2 Fam 8 months ago (main residence) so my mortgage broker said i'm maxed out.

I am trying to get all the wording right for a mobile home sales agreement where the buyer is going to be able to buy the mobile home after renting it for 12 years for the price of the security deposit.

If that doesn't work for whatever reason, I'm going just have to start out slower using cash to secure 1 property and work from there I suppose.

As a newbie, he might benefit from the security of not having a note to pay on a first property while he's getting his feet wet.