I started with my regular lease and left intact a number of lease clauses. including late fees, occupancy (only for the tenants use), no smoking, no modification,  no repair work,  lease void if  the building is damaged, not responsible for their damages they must get rental insurance.

They're still good for the loan modification and may very well be in the process of getting it done.

NPN modifications are the holy grail in my view. 

I have gotten a few rough estimates and the house is now valued approximately at $220k but the modification bumped my loan up to $136k.i have already spent about $25k in home improvements. 

I have noticed about 1/3 of the people have had loan modifications in the last 8 years.  

You should have a clause I in your lease stating they are to notify you first for written approval for any repairs of modifications to the home.

Have you tried to call Bank of America and request a modification?

A lender may provide a loan modification in the event of any verifiable hardship especially a portfolioed loan.Do a shortsale without being in default?

An answer would take a book to detail how to find them, making offers, doing the deal and servicing the note, then there would be the portfolio management refinancing and note modifications and releases.I think to begin with, you need to understand the hat you must wear as a note holder.

I work for a major bank as a loan modification underwriter and I was formerly a mortagage loan officer so I have some basic information on the mortgage industry.