If the language is present, then you will want to send some letters out citing the language and informing the borrower the payment is insufficient and illustrating how the partial payment was applied and essentially make a New demand on the new updated balance.

One thing that is different about the foreclosure process in Maryland compared to other states is that prior to the sale date, the lender does not have to notify the borrower that a foreclosure action has been filed against the borrower.

The interest rate is a little higher than a conventional 30 year mortgage but then you do not have to borrow more than the actual price.

I asked him what town he is in and he stated Galesburg, IL.In any event you likely can't think of a way to assist because your knowledge base hasn't caught up (yet) with the opportunities surround you.

Look for the ones advertising aggressively on Craigslist... we are currently filing papers to make me his unlicensed assistant which will give me realtor-level access to the MLS.

In this case he could borrow 50k; however, that will not be enough to pay it off.

The flip side, however, is that the reason I'm renting it at all is to build up a cache to pay for dad's assisted-living facility once his LTC insurance runs out in three years...

Your property manager should be able to assist you with how to do that.

And I know personally that a foreclosure doesn't always happen because I've been the lender when a borrower defaulted.

I'm not in disagreement with the limitations of selling to an FHA borrower.