You may fall into another exemption to modify the note but any modification is a new extension of credit subject to compliance with the Act.

The issue with the modification of the law in Philidelphia, Chicago, Oregon, and OK are to deter unscrupilous activity. 

Necessity is shown only when the state's objectives could not have been achieved through less dramatic modifications of the contract; reasonableness is a function of the extent to which alteration of the contract was prompted by circumstances unforeseen at the time of its formation.

Working with a company to get a loan modification and is still waiting (2 years). 

Not only are there no banks or traditional lenders involved, owner financing doesn’t necessitate an inspection or appraisal unless the buyer wants them.Once a buyer and seller agree to terms, monthly payments are made to the owner-seller according to an agreed-upon amortization schedule.

I think what you are talking about is a loan modification, where the lender marks the pricipal amount of the loan down to the property value (the current administration has been pushing this for the last year and one half).

Did they forget the part of the lease that states they are not to do any repairs or modifications to the place?

We are working with a lawyer for appeals, loan modification and/or principal reduction.

The commercial loans were simple loan modifications and cost me 1/2 point to reduce my rates and extend the term out 5 yrs.

After a harrowing battle with the bank to get a modification on a rental prop, they finally came through...Or did they?