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Thanks for the comments, especially 4Dave; your admonition to buy at foreclosure following debt discharge is good. Just for everyone's edification, this property has been valued at $198K and the note is roughly $150K, making this a steal. The home does need some renovation, however, estimated costs are well below $15K.
If I can ever get the mortgage officer to return my call I will definitely enlist the help of a real estate attorney.
Thanks for your help.
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"The gift of liberty is like that of a horse, handsome, strong, and high-spirited. In some it arouses a wish to ride; in many others, on the contrary, it increases the desire to walk."
-- Massimo d'Azeglio
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