`(b) Purpose- The purpose of the HOPE for Homeowners Program is--`(1) to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership;`(2) to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages;`(3) to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets;`(4) to target mortgage assistance under this section to homeowners for their principal residence;`(5) to enhance the administrative capacity of the FHA to carry out its expanded role under the HOPE for Homeowners Program;`(6) to ensure the HOPE for Homeowners Program remains in effect only for as long as is necessary to provide stability to the housing market; and`(7) to provide servicers of delinquent mortgages with additional methods and approaches to avoid foreclosure.

Does anyone know if the contracts changed with this new method?

If I recall correctly you are required to use a longer depreciation method (ADS depreciation) for foreign property.Hope this helps.

When you are looking for REO or foreclosed properties to flip, is it better to find the property first or secure your financing first?

Offer them a couple of dollars to go along with what is basically an accounting move on your part as their security is in no way lessened.

Then for other methods (subject-to and lease option) I would get Wendy Patton's book on subject-to and lease options.

These services that I would explore would be: •Foreclosure Cleaning/MaintoRubbishoGarbage RemovaloCarpetoFlooringoElectricaloPlumbing(Internal/External)oRoofingoAppliances-(Ceiling Fans)oPaint oWallsoCeilingsoDoors oWindows oScreens•Maintenance oYard-LandscapeoRubbishoGarbage RemovaloPruningoSecurity(Securing AC Units)oFence RepairoSupport Foundation Repair(Carport Supports)Thanks !!!!

You've got a good head on your shoulders and you're willing to take the steps necessary to learn what you can about all the areas that can secure your financial future.Good luck with your research, your real estate learning, and your future profitability.

Were the security deposits passed at closing or did the previous owner seize the deposit against rents?

Better to get them out now...other secured notes, another house, a car, a boat, a tractor.Good luck...hope this helps and not confuses you.Kolohe