Your money helps protect against the lender taking a loss and makes it less likely that you will walk away from the project.

The irony is that although you think "having to pay thousands of dollars" for an attorney is a bad idea, the other 2 parties clearly thought the property was worth the legal risk-- they were willing to risk their own thousands of dollars, a breach of contract, and loss of the asset over it, not to mention some sort of likely punitive damages since they were a lender and the property was REO.

I got out of the program for our rental years ago.

So as far as a starting point for market values county appraisals hold some weight. 

You actually have a paper loss of $2,922.

Now, for the brutal truth portion of our program:1.

He has a great program that deals with performing notes. 

I think that most insurance can feel like a waste of money but it is usually meant for people to correct them from a major loss.  

I figure I could do an excel worksheet but thought maybe a software program would be more efficient. 

This is common with other situations such as short term stock losses but I cannot find any specific information on this??