An Emergency Financial Manager is in place, who will be restructuring Detroit's city government, possibly cutting deals on the debt that is strangling their finances, etc.2.

For any mortgage involving the Federal government, like FHA, VA, USDA, Fannie, or Freddie the penalty is 5 years in jail and a $250,000 fine.An easier course of action is to buy the second property as an investment property, rent it out and after a year or what ever time you agreed to, has passed move from house 1 to house 2 and rent house 1

TARP is a US Government program that is not open for participation any longer.

Those funds are in trust, belong to you subject to the contract provisions that govern your pledging the money.

The prices are ridiculously inflated due to over regulation, frivolous lawsuits, artificial demand due to government handouts, etc, etc......Most people in America have been unknowingly trading pay increases in order to retain their beloved health benefits for the past couple decades.

I don't think they have a bright future with the economy and government policies in place today.

As you know there are TONS of government contractors running around those parts, making a lot of money but unable to settle down and buy.

God's CountryDeborah:Very kind of you :-)Being a government and university town we have a fairly consistent rental market (2.5% vacancy ... but there are ~300 new units coming on-line in the next 18-months).

:i just spent over 2 hrs calling 8 credit unions and noone can do it. most of them are clueless as to what i was even talking about.will update, but i guess most of my lunch hour will be spent calling places trying to see if they could do it..Cheap government sponsored loans are for inexperienced investors, less than 4 (or so...) properties.

Tax liens-Typically a city or county government wants to collect all property taxes assessed on a parcel (property) right away as the government needs the money to keep operating for ( fire, police, utility companies, etc.)How the government does this is to sell off tax lien certificates.