It's a called a "waiver of deficiency" letter and do not close without it.Do not believe anything the bank says unless it is in writing.You also have to know which department you are talking to.You can get conflicting information depending on if you are talking to customer service,collections,loss mitigation,the short sale department,bankruptcy department,and the foreclosure department.In big banks these are all separate but in some local to regional banks one person might be handling multiple departments.They will all look at it differently with various goals in mind for the the loan file.

None of them want to lose a customer.

Plus I use private funding and if I dont spend my investor money I will lose it.Will B. - As far as building better systems, your right, thats why I ask you guys for your thoughts I'm always open to a better or new way to improve.Thanks again

Bill Gulley, What this boils down to is a private entity using the force of law to usurp legal contracts between other private parties so that entity can in turn profit.

With so many knowledgeable real estate professionals here, I feel this is a good place to solicit feedback on this important discussion.As a private money lender, we are always looking for trends in real estate so we can gear up our money sources to lend on new property types or project types.

I suppose a place like Jersey City has a lot of tenant advocates both private and public who would search to see if you have in fact moved in.

I'm used to bad customer service in this industry, but my experience with HUD attorneys (and attorneys in general) has always been good...sucks that even attorneys these days are reflecting bad on the industry.

I figure if I have a decent amount of money in the bank and a 680 credit score that I can get a private lender to fund the transaction.I realize I'll have to pay fees and points.

I'm trying to tie up a property long enough to either find private money, so I can close myself, or quick resell to an end buyer.What are the advantages and disadvantages with tieing up properties using either an "Option" or a "Purchase and Sale Agreement".

Leon YangThanks, El Monte is nearby, I'll check it out.I didn't know that, I thought granite was very expensive.Do you measure and have them custom make it for you ?