If you do not understand all the wording it might be worth it to throw a hundred at an attorney to review in the morning with options incase the seller does not pull through.The contract usually spells out what will happen in the event of a default.

Check out the learn section as there is a ton of good information to review.

In fact, you wont be able to do a short sale because the seller name wont match the banks records and the bank will still want all the original borrowers financial information for review.

I did not like the negative reviews that ive been hearing from lumber liquidators at all.

Further, if approval requires review by the architectural committee, then the discussion with the President (and his verbal approval) was meaningless anyway.My best suggestion is to go to the architectural committee and see if you can get the work grandfathered in.

I found good and bad reviews so far so still trying to get a feel for their business.

Another update.I backed out of the deal.As soon as FNMA accepted by offer, I had to commit to EMD and sign their REO addendum.They asked for a 90 day deed restriction, which I was OK with.The property is probably worth 165K when it's rent ready, but right now it's not.My accepted offer was 131K, with an estimated 20K to correct the violations - well the violations I know of - illegal fence, illegal staircase, illegal pond, two illegal exterior structures (gazebo style steam room and weight room), and illegal driveway and decking, plus some interior violations on a master bathroom plumbing.Oh, and a 345K city lien from years of daily fine.So when the clock started ticking I began to do my "thorough due diligence".Had my attorney reviewed the contract and looked into the lien issue.Now, the city, as a matter of policy, WILL reduce the lien down by 90% once the new owner makes the corrections and clear all the violations.

All the same items you reviewed in the performing loans plus any legal actions taking place such as FCL or BK.

Anything that large has to go through a DRI review for the state on how it will impact the area.

If they truly cannot afford the apartment, we may consider transferring them to a more affordable apartment within our community, or if none are available at your site, offer to help them search others.Another tip is to review their past adjustments.