Anyone care to share any experience if this pool is really vital for my ARV or not?

That will depend on state law and may not be an option if a judicial process is required.Unless a state approved deed of trust or security agreement is required to be used, the DOT does not need to be a standard boiler plate, but I would not advocate any broker or investor to take on any modification without close legal consultation with an attorney having specific lending expertise.

You need a "MODIFICATION OF NOTE AND DEED OF TRUST"You need to describe the note,and deed of trust, made on such n such date, by so and so, payable to so n so, recorded in book xxx at page xxxxx in whatever county, State.You need to say that this modification is made for the extension of the original term of the obligation to such n such date and that all other terms, conditions and covenants of said note and deed of trust, unless specifically herein modified, shall remain in full force and effect.If you change payments or any other terms, specifiy the change.The modification can usually be done in one page and should be filed for record.

As an asset manager, I deal with people every day that try to negotiate terms on modifications, saying that a 3% rate isn't good enough.

And, in the current economic climate together with public attitudes toward any mortgage holder, I would not want to be explaining anything as a lender in front of a jury in a civil suit..Allowing a buyer to get out of the deal with an assumption of the existing loan, with reasonable modifications, is a very good idea.

IMO. perhaps a little modification to the approach on these deals is all that needs to be addressed.

Plus what Jon and MikeOH have said - the ability to follow simple instructions and write down the things they need to do is so vital; when they can't do those simple things, they aren't going to do too well filling out your application either, or getting rents paid on time, or putting trash out properly, etc.You should shorten the time for an appt as well, 1/2 hour should be more than enough to walk through the place.

You can use a modification of this marketing whereby you set a very low minimum price and asks for bids at or above the minimum, in essence having an auction.

Assuming they are unable to get a modification and unable to make up the missed payments and fines/fees they will benefit by:1 Not being embarrassed by a foreclosure2 Getting out from the debt of a property that has grossly devalued (upside down)3 Will have less impact (on their credit) than from a foreclosure4 Won't need to worry about a deficency judgment5 No out of pocket fees for selling the house.What is the possible "upside" to not taking short sale?

Sellers must be unqualified for a loan modification under the Home Affordable Mortgage Program or be unable to afford the modification.The program has seriously failed in its goals set forth by the Obama administration.