They can provide guidance on potential legal options and rights concerning the city’s demands and the lender.Negotiate with the City:Seek Extensions or Variances: Your friend can request an extension on the deadline to comply or apply for variances that might allow the property to meet less stringent requirements.Explore Grants or Subsidies: Check if there are any local, state, or federal grants or subsidies available for renovating older properties, especially those providing low-income housing.Engage with the Lender:Discuss Financial Hardship: Present the case to the lender, explaining the situation and the financial hardship imposed by the new building codes.Propose a Loan Modification: Suggest modifying the loan terms, such as extending the loan period, reducing interest rates, or even deferring payments temporarily.Negotiate a Short Sale: If the property must be demolished and rebuilt, your friend can discuss the possibility of a short sale where the lender agrees to accept less than the owed amount to avoid foreclosure.Explore Refinance or New Loans:Seek New Financing Options: Look for other financial institutions or private lenders willing to provide financing for renovation or rebuilding.

A homestead usually helps with lowering taxable value, but it's kind of screwing me over in this situation.

Selling for $1M with a $100k mortgage is not taxable, if you paid $1M for it.

However, I think from a financial perspective, it's likely a better idea to pay off the debt or add the money either to a taxable brokerage account or a retirement vehicle like an IRA.

It restricts the collector from disclosing the borrower's debt details to anyone except the borrower, their spouse, or their attorney.Gramm-Leach-Bliley Act (GLBA): This federal law mandates financial institutions to protect customer privacy.Fair Credit Reporting Act (FCRA): This law regulates how credit reporting agencies handle borrower information.

No municipal definition trumps federal.

US 10 year Treasury yields tumbled (by nearly 10 basis points today and counting..) with the latest inflation metrics showing a dip last month indicating the Federal Reserve could start to lower interest rates this year with a now 80% chance of a September rate cut. 

Pay no taxes as its a non-taxable event.2.

Subject-to purchases are very enticing, but they are becoming more and more regulated as the federal government has stated that any realtors or closing companies who assist in a FHA, VA or USDA loan subject-to transaction may have their ability to transact these loans revoked for up to a year! 

Yes, that loss carries over to your own federal taxes!