Some pay up front for formal education and others prefer to learn on the job.John Corey

A modification typically involves a formal agreement whereby the arrearage or portion thereof is added to the unpaid principal balance.

Have then formally write up what they are agreeing to.

and buy in the best places for me to invest in.I'm going for a buy and hold strategy and would like something that's affordable ($200-300k) and has a high cap rate and has a strong rental market with lots of quality tenants.So far I'm looking at the parts of Santa Ana that border Costa Mesa, Downtown LB, and recently parts of Oceanside.

Formal education is not the secret but education is.2.

I'm surprised no one's recommending the border.

You are very fortunate to be exposed to a formal real estate education.

I have long advocated informing the lender in all installment contracts, wraps and sub-2 transactions.As John mentioned, a properly given notice will keep them from saying they didn't know but more importantly, after a period of time and if a formal objection is not made or notice to accelrate the loan is not made, that may be construed as acceptance of the deal!

Jim,Thanks for offering your opinion.Like you I do think the issue was the fact that effectively the person was brokering.Tangent and my opinion on being a birddog.The structure used is a lot more formal than what most birddogs work with.

Lets gets some facts and terms clear.A pre-foreclosure could mean that the person is behind but the formal foreclosure process has not started.A foreclosure tends to mean the process from the NOD until the auction.