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Thanks everyone it appears as though the house isn't in foreclosure yet. 

This continuing cycle turns a lot of people off of the program.

Not to mention that we live in a world of massive data collection for real estate, your “comps” would be easily red flagged by collateral underwriter programs processing your appraisal.

@Dan White Rent comps are around 1100 for 2-bed apts in the area it appears.

No the interest rate will be far too high for it to make sense the only time it would make sense would be short term and if you plan to refinance, which at this time it would appear you do not have a clear path towards.

Isaac,You will run into some of the most craziest situations, and you will swear that this must be a reality program, or Jerry Springer!!!

Hi Jonathan,Several reasons, like easy access to background info on tenants and the it's bulk foreclosure program.  

The reason I ask is there are certain loan programs that she may qualify for with you as a coborrower that offer some different loan terms to owner occupants (as low as 3.5% down and usually a point or two lower interest rate sometimes without PMI).

It appears you are doing good to a community of WA state.