But if you modify the note terms and always stay in compliance then you won't be in default.

I did send out a letter (modified from the ones that have been suggested on BP) yesterday.

.• The Property is owner-occupied.(2) Terms of the Disaster Loan ModificationThe Mortgagee must modify the Mortgage as follows:• The total Principal and Interest (P&I) amount of a Borrower’smonthly Mortgage Payment does not change.• The Mortgagee must capitalize into a modified mortgage balance:o the accumulated arrearages for unpaid accrued interest; ando eligible unreimbursed Mortgagee advances and related feesand costs chargeable to the Mortgage.• The Mortgagee waives the Borrower’s accumulated late fees.• The Mortgagee sets the interest rate at no greater than the MarketRate1as defined by HUD.• The term for the modified loan is 360 months.

If they are variable expenses, then the charges need to be entered manually each month (or modify the recurring charge with a different $ amount). 

It is much easier to modify an existing program being run by the correct federal department than to run a program thru the bank.  

Sorry if this is too doom and gloom, but I got the carona blues :( It sounds like the government is going to bail out as many people as possible, but just like in 08, the people who had their loans modified usually ended up losing them anyway.

So, I modify my PV from 100k to 70k leaving everything else the same from abovePV: 70,000N: 60Payment: -876.83I arrive at Effective Rate/Yield: 19.56Thoughts on the correctness on the above?

Almost every pre-foreclosure lead I talk to mentions something about loan modification...but if banks can't do it...or, the loan modifier can't sell the loan...then a slew of them could default all at once.

I read that Fannie and Freddie have recommended or allowed modified appraisal and closings to account for locksown but I am not sure what is actually happening on ground.We are looking for a conforming refinance on primary residence with 20% down.

The lease and lease packet I have include:- I'm using a slightly modified version of the Chicago Investment Corporation (CIC) lease for Chicago.- A lease addendum which set expectations and include predefined fines/fees such as lockout or lost key fees.