I know when I first started I went over boards on modifications because that was what I liked but soon found out I was only targeting a very small demographic and I was not in a financial position to cater to that niche.

If the seller applies for a loan modification, Dodd-Frank says that the bank must halt the foreclosure proceedings until that loan mod request is processed.

Footings in Arkansas are typically only 18‐24” deep so moisture cycles (extremely wet to dry and repeat) can cause this movement if both extremes occur close together.No repairs or modifications are suggested or necessary."

That said, I also considered the professional courtesy side of it and plan to offer the current lender the opportunity to do a terms modification.

You'll need a simple 2-page contract with the seller (A-B) and then the assignment contract with the end buyer (B-C); or you have the option of doing a double-close which would necessitate 2 separate contracts.

Let's use this scenario: Ohio property - $90K FMV/appraisal (for sake of this example)Senior/1st Lien - $50KJunior/2nd Lien - $25K (this is what I'm buying)Total Equity - $15K ($100K - $50K - $25K)The borrower isn't willing to work out a loan modification so I foreclose.

@Jay Hinrichs - I do not invest in 2nd's but I would probably want to check if the 1st is performing and determine approx. payoff on the 1st to confirm if there is or is not equity in the property.For 1sts I only check credit if we are doing a modification to see if the borrower can pay.

Splitting income and expenses might be deemed a general partnership and necessitate a 1065 obligation.Won't matter after you're married....I imagine you are the only person on the insurance policy, on the mortgage note, and on the county tax assessment as well as the title.... 

I just took a call from someone that did a note modification.

Baltimore adheres to the generally accepted building codes as their own, with some modifications.