Loan modifications may include interest-rate or principal reductions.

Loss mitigation techniques include the following: Special Forbearance, in which the lender arranges a repayment plan based on the borrower's financial situation and possibly provide for a temporary reduction or suspension of payments; Mortgage Modification, in which the lender reduces the monthly payment and/or extends the term of the mortgage; Partial Claim, in which the lender obtains a one-time payment from the FHA insurance fund to bring the mortgage current; Pre-Foreclosure Sale, in which the borrower avoids foreclosure by selling the property for less than the amount necessary to pay off the mortgage, and Deed-in-Lieu of Foreclosure, in which the borrower gives back the property to the lender.

They should stay in the house and try to work out a loan modification or short sale with the bank.

>> If you plan to negotiate a loan modification instead of an early payoff, that may be challenging.

@Lamont Hopewell - Have her call the bank and request a loan modification.

Fair housing laws state:If you or someone associated with you:Have a physical or mental disability (including hearing, mobility and visual impairments, chronic alcoholism, chronic mental illness, AIDS, AIDS Related Complex and mental retardation) that substantially limits one or more major life activitiesHave a record of such a disability orAre regarded as having such a disabilityyour landlord may not:Refuse to let you make reasonable modifications to your dwelling or common use areas, at your expense, if necessary for the disabled person to use the housing.

So the judge wouldn't force the note holder to try to do a "loan modification" so the borrower can keep the property, right?

The deductions allowable are those items allowed as deductions by chapter 1 of the Code which are directly connected with the debt-financed property or income therefrom (including the dividends received deductions allowed by IRC 243, 244, and 245) except that: The allowable deductions are subject to the modifications provided by IRC 512(b) on computation of the unrelated business taxable income, and The depreciation deduction under IRC 167 is computed only by use of the straight-line method.

But many of or much of your core business docs can certainly be used over years of dealings but you do need modifications from time to time.John Chapman is giving good advice, you need to see an accountant starting out, the proper designations for tax purposes is very important. :)

I am looking for options to finance an owner occupied SFR purchase in UT. I am looking to see if there are options available for a loan that requires 10% or less down.

I could use a conventional loan with 20...