They will allow you to make changes and modifications, but they will typically not allow them to be cheap and there will be paperwork involved for anything more than choosing a house color.

that would be a good question for Dion ,,         Is if the modification if the modification was done in 2010 post dodd frank if now your transaction has to meet those metric's excreta.. ??

Do you require any zoning modifications to build?

I recently heard about a restriction the city was putting on homes in Louisville.... unless it is already a duplex or triplex they are restricting modifications....

You will likely need a structural engineer to sign off on the modifications.

After reading up on my property in question, there too were restrictions on the outside having to be maintained as original with minimal interior modifications.

Hi Mark,I would do a loan modification which has a trial period built in so that the mod will not take affect unless the borrower makes consistent on time payments for a period of time (say 6 months or a year). 

Seems to me that a $245,000 loan should be survivable on $40K if the room-mates are paying a fair rate.Furthermore, you should inquire about a loan modification with your bank.

Interested in meeting or being introduced to commercial loan modification professionals in the Sacramento, CA area.

This is also on top of the operational issues such as the 'Robo Signing" and "MERs Debate" and trying to force modifications which many re-defaulted, all of which created stalls which still ripple through the industry.