Get a "authorization to release information" from the seller and speak with the lender(s) to be sure you understand the loan terms and status.

Not ever a deficiency if you put this in your purchase and sale contract for the "to be foreclosed home owner" before you send in the short-sale package:Subject to: mortgagee's FULL SATISFACTION and lien releases with waiver of deficiency collection.

Of course he posted $500 and was released but the matter did go to Court and the guy paid up prior to the hearing.

But when considering the economic downturn, which may be prolonged, my thoughts are moving toward multi family homes such as duplex's, or SFH's with an garage apt for kids or parents.This will become more common as we return to a more "extended family unit" society to make it through the hard times ahead.

We just made the title company hold the cash in escrow and would only release it to the wholesaler if we didn't fulfill our end of the deal.

My numbers seem to be releasing the catch, but we can't get the "door to come free.

So, as part of the amendment to extend closing, I also requested them to waive the 90 day seasoning...Fingers crossed...

The short sale process begins by getting a release signed by the property owner which authorizes you to discuss the loan/property with the lender.

This fresh-off-the presses FRB Report can be found at: http://www.federalreserve.gov/releases/h3/hist/h3hist1.txt Double the REAL CASH money supply, fix the Banks, break the rest of the "little people" world by default.

Be patient and diligent, as most experts agree that we have inventory building up to be released near term.