One of the main requirements for a loan modification is a hardship letter explaining the nature of your financial hardship.

Not bad and clearly the best ROI.If the value of the property is falling then I would expect the ROI is going to be very poor unless the NOI and cash flow after debt service is very good.I know the statements above are extremes or rather broad in nature.

I think that virtually every comp is now irrelevant because the mortgage rate environment is so different.Maybe I am chicken little who thinks the sky is falling but if we don't reevaluate the deals we have made offers on already, we may end up with approvals we can't resell.I think prices in general have to adjust down big time in one click just like mortgages adjusted up in one click.Yes, maybe the loss mits will not agree with our new valuations just yet but such is the nature of SS.The great deals always come at the END of a crises.

There is a natural tendency to explain in a specific context the full spectrum.John CoreyJohn Corey

Naturally the Realtor told me if I was real interested I have to "act now" as it won't last at this price.

Lime is one of those natural minerals that will help decompose flesh.

Is it from other flow-thru entities that are passive in nature?

Recessions are a natural part of the business cycle.

thank you both for your wise words, well anyway i guess i'm just so anxious to do my first deal. especially a deal like this were the homeowner is in distress and states to you how much equity is in the property (i know i'm a beginner, but i don't see how he'll benefit by lieing to me about the amount of equity in the property, because he already stated he doesn't want to sell the property, and i already stated to him i'm gonna view the property/mortgage paperwork)well anyway i must say i agree with you both, from first look it seems the best way to do this deal (thats if all the number are right) will be to purchase the house for the amount left on the mortgage, and give them moving cash and etc (this way i'll have alot of instant equity within the property, which i could either wholesale to another investor or put it on the market at a small discount and sell it retail because of the properties perfect condition, then i could even try a short sale to build up more equity to make the two above tactics more profitable for me)now the only tactic i can think of that would work, were they will get to stay in there house and will be profitable/beneficial to me as well is to then purchase the property real cheap (whats owed on it) and offer to lease option it back to them at a higher interest rate and at a higher property price, but i think this tactic will be risky with this individual because of his credit and the nature of work he's in (construction were some parts of the year your without work and tring to collect unemployment) so this is what i plan on doing, i first plan on putting together a list of questions i must get answers to at the tuesdays meeting i plan on having with them, then i plan on explaining the whole foreclosure process to them and the uphill battle they face (which i hope will change their position about not wanting to sell their house under any cumstances), then i plan on making a smooth exit and letting them know i'll be back in contact with them to let them know what i think their best solution is to solve their problem (this tactice is to buy time, so i can really cruch the numbers and speak with others to really figure out the best win-win for everyone, thats if their is a deal their)if anyone has any other suggestions please let me know

Don't think about it so hard, be yourself, and things will start to flow naturally.