In your experience when a mortgagor gets a loan modification is it possible to get a reduced principal balance?

Usually when I talk to Lenders I try to give them the most about me before the credit is pulled so as to not waste both our times.Would love additional questions to ask Lenders or modifications to what I already compiled.

I have Horrible credit (580) and just finished going through a long ( 2 year long) home loan modification, mod was finally approved and finalized last month.   

You can always do more modifications/additions in the future, if you decide to exit. 

In addition, all the money being spent on foreclosure modifications is being thrown away.

If things change, you can always go abck and make ammendments to the original or modifications as needed.

This loan, which seems to be a line of credit, appears to be unsecured.You cannot swap collateral in an out of a loan without modifying the note and also recording a modification of the associated mortgage (or however you do it in FL).

Tenants can not make any modification to building or premises.Not a difficult thing to enforce if called out in the lease.  

@Michael MorrowSince the auction is so close, I'm not sure if a short sale or loan modification is an option at this point.

This is a modification of our Turn Key model.