I am wondering more from the financial side.

In the absence of that, the lender will continue as they don't know the Seller's intentions.In the end, if the Seller sits on his hands, does nothing to save his home, then BK is the only option for delaying the inevitable, but it won't solve his problem, and he will lose his home in the end anyway.

As a Certified Financial Planner™ the first thing we need to address when speaking with a client is mitigating their risk and the use of living trusts is one way in which we can do so, especially when it comes to real estate.I do not want to get into too many details here but there are many different types of trusts used for a number of different purposes.

Who the buyer is has no bearing on seller financials, value, or the net the bank has agreed to accept. 

The financial center of Brickell is beautiful and you can buy a brand new studio apt. for $400k.Homestead is experiencing new, rapid growth because they have the most vacant land in the Miami metro area, but it is at the very southern end of the peninsula. 

I actually use it every day at my day job at Ernst and Young as a Financial Management Analyst.

We are also sponsoring an event in March to address what changes or adjustments to our financial/business plans should be implemented.

My main question is, is it possible for me to have the property reassessed after a couple years and pull a loan on the equity to completely pay him off and just have bank become the only financier?

Is there no way this clean up is the responsibility of the insurance carried by the person, or the immediate family, or even the person who is the primary lease holder (if not the person committing the suicide).It is insane to me that this is your financial responsibility.

And since both sides pay $750/mo, there is clearly a financial efficiency to be had for combining them.