My fear is that in the event the HML forecloses, they may increase their lien to an amount that squeezes me out of any profits when the property ultimately sells and I won't recoup my principle. 2) How difficult and expensive is it to file a second lien?

In the event you list the property too low, then the market will submit multiple offers and pull the price close to market.

I doubt any of us will see our funds returned and hope all in the chain of events will be brought to justice.

I recently went to an event here in Los Angeles and saw Nick Sidoti in action.

Am headed to the police station today with my documentation of the events.

Also, don't call during a popular TV show or especially during a big sporting event.

Do you know whether the "standard" policy from your company (Wrenn / Affinity Group / whatever other name they are using :wink: ) has the rider for "law and ordinance" / "code upgrade" coverage in event of a claim?

i look forward to all the interesting events the rest of the forum members will share cheersdavid

It would protect you in the event of default, and you can write the contract however you want.

You have to understand why an appraisal is required, and then you can understand why the value for SFR is going to be based on comparable sales.The lender wants an appraisal to get a value for the collateral, so that in the event that there is a default on the loan, and the collateral is seized, the lender can recover the principle amount remaining on that loan.