Once certain terms of the note are changed such as maturity date, balance or an increase in payment the modification is considered a new extension of credit and is subject to certain regulations which govern the extension of credit.- The creation of a new "note" would mean the satisfaction and release of the prior security instrument.  

The problem is we thought we had a credible buyer for this property (BKA 5D Financials).

Hello, was curious if turning a HUD property into a Section 8 rental would qualify as a "Government Agency"

I feel like an advisory board would bring the necessary insights and credibility to successfully launching my business. 

While I can't say for your state specifically, as a general rule, commercial leases are governed by the contract.  

There was one guest BP's podcast (sarah prickett) who mentioned she had several mortgages under her name and her debt to income was awful but she had the desired income she wanted along with working for the US government as on a reserve status.

When I am building a deal (still learning/school) I put together a package that shows my credibility, why the seller would sell to me, and why the buyer would buy from me and also why a lender might lend to me.

@Patrick Philip,Well, banks are "flush with cash" these days, but no, they do not have unlimited funds.Also, when banks lend, they impose certain restrictions on the loans, the borrower, the collateral, the terms of the loan, etc. so the note can be sold in the secondary market or be insured by government-sponsored agencies like Fannie Mae, Freddie Mac, etc.Private lenders ("OPM") typically don't write loans to sell them, and typically are interested in the deal rather than the borrower's details.Using OPM down usually means putting some kind of partnership, joint venture, etc. together so the source of the down payment is less of an issue or a non-issue to  the lender(s).Dunno if that helps...

It's actually helped bring credibility many times.

If that was said in the first person, you'd probably think Matt Rothwell was boasting, but in the third person, it sounds extremely credible.  :D