Pretty simple really.1. cut a check payoff the loan2. refi the property pay off the loan3. sell the property pay off the loan4. further negotiation with the lender which could include a payment to reduce the principal IE modification.

A quick synopsis of this program says only the homeowner can take advantage of this.An excerpt from the article is as follows.quoteCalifornia, USA—July 17th 2009—California based The Loan Modification Foundation is standing alongside the federal government in the fight against loan modification companies operating scams against customers desperate for assistance trying to save their home.

There's reinstatement, loan modifications, short sales, deeds in lieu as alternatives to foreclosure.  

This document doesn't call out for a modification to include these rentals.  

I believe this is being revisited and the requirement may change to a higher amount or other modifications, but as it stands now, I would 1099 everyone that is required, it won't hurt, even if the requirement is changed.Your 1099s will need to match your deductions taken.

Vacants tend to be cheaper because most note investors are looking for occupied properties with the intention of re-instating the loan or modification.   

How about those that need permits (external modification, adding rooms, bathrooms, garages, etc.)?

I was reviewing modification documents and they are an amendment and supplement to the original note.

I'd still have access to both of the previous properties (with my own bedroom in each), which would allow me to stop in when I want, keep an eye on things and have repairs/modifications done to the home without having to work around their schedules.

Anyone hear of InvestiGroup Inc. out of Hillside, NJ and Flushing, NY?
Legit, scammers, knowledgable, incompetent?

Thanks