heres the other red flags.telling you the reason they can do these terms is you can buy insurance policy that will guarantee payments if you default..

The general idea behind not wanting to do assumptions is that the lender benefits from starting a NEW loan with a fresh amortization schedule.However, if you are a lender and one of your mortgagors / trustors is about to default, wouldn’t it make sense to let them do an assumption?

Don't bother retaining a lawyer unless they take you to court.Just send them a letter indicating that since they defaulted on the lease they forfeit the deposit (use what ever wording applies to your state regulations).

To me, pre-foreclosure is the default period after the due date or, after the default that triggered a demand (Taxes, insurance, illegal transfer, etc.) but before the filing of the notice of default (Or first legal in a judicial case).

For this I cite Fannie and Freddie default rates during the 2007-2009 period where they were below 1%.

Could potentially set up a "land contract" so seller feels secure with immediate take-back, and no need to "foreclose" in the case of default.5.

You are doing too much babysitting.I owner occupy, so I babysit on this by default. 

I was recently presented with intel about a particular home in Northern New Jersey, in which the current homeowner is in default.

This is a permissive clause, or "event of default" that allows the Lender to call the loan due under a "performance default" (as opposed to a "payment default") or not as the Lender chooses. 

What would my bookkeeping journal entry be if/when the buyer defaults on payments, and I get the property back?