Almost all HOA foreclosures are expected to have a mortgage, and so there will be some other liens just by that.If you are buying mortgage foreclosures and have determined that you are bidding on the most senior position, then you usually don't worry about secondary liens (except that the secondary lien holder might show up to bid to protect their collateral at risk).To determine "good or bad" is simply a matter of being certain that you are bidding on the most senior lien position, with sufficient margins for your profit.

So far this site has been great and I look forward to learning more about this career choice

Not so fun for those that are just trying to buy their first house where starter home choices are very old 2BDR fixers in town or 1970s suburban ranch properties.....with few choices under $600K.

My choices are: a commercial 5/20 loan of 87,500 from a good, local bank with much experience who is lending 70% (assuming an appraisal value of $125k.)

They aren't "retreating" by choice.

We will have sufficient cash to cover a loan being called due.

The obvious choice for the money will be the new units.

Assume all you like but if we dont get in the habit of asking for sufficient info, we'll continue to offer up opinions that may not be as good as they could be.

But now after seeing again on BP, I have no choice but to get out and bust my balls to get out of 9-5 rat race.

Now the questions I have is first is im pre approved for 250k for my first home is putting a 3.5% a smart choice?