So if this is your first sell, try to use him and then learn the nitty gritties and later based on the outcome you take a decision for your future projects as to whether or not you need to continue with an Agent.

I actually don't think that's necessarily the case...though I think the outcome is almost as bad...My concern is that he convinced you to buy a deal where you'll put in a lot of time and effort for a very small payoff, and he'll earn crazy returns (18% interest and 6 points) for convincing you to do it.

I am considering this, too, but I wanted to hear your outcome.

Nonetheless, I have edited out the addresses and phone numbers for all people, just out of courtesy.I have no idea of the final outcome (if there is or was one).  

I would rather keep his mortgage in place and have the judge reduce the amount that we owe based on the lawsuit outcome.

Keep us posted as I'm curious to see what the outcome is.

Not only does it take a little bit of a haphazard approach to the borrower but it also ignores the process and final outcome of a foreclosure.

The longer he remains, the mire he is likely to dig his heels in and expect to be "bought out" despite having possessory interests only.Good luck and let us know about the final outcome.

However, the buyer will have to put down $40K to cure the foreclosure, etc. and will be invested in the outcome.

I just would've liked a different outcome.