well, if both are on the loan, then a straight out modification may be difficult. when a married couple buy a house and both are on the loan, they are both agreeing to pay. the income hasn't changed as individuals. getting a loan modification is typically granted when the entities have suffered a loss of income and can prove that they won't be able to make payments.this may be difficult to get a modification approved, but a short sale may be possible as the bank may take a bigger hit if it went to auction (foreclosure).

I'd probably put it in writing that there would be no modifications and a written reminder that their lease does not allow sublets.I do month to month specifically so I can get rid of tenants like yours.In this market, I could probably put up with the whining, but as soon as they abused my workmen, they'd get their notice to move.

Will major modifications trigger fire code requirements (sprinkling)?

Since the lien is from 1993 the first thing I would check is to see if the original note has a final maturity date if that date has passed and there have been no extensions or modifications then most likely the note has been paid off.

I have a friend with some weird circumstances, here's the story:Person A can't get a loan but has income.Person B took a loan for Person A for a duplex at 500kPerson A paid back Person B for Down payment and is paying Mortgage on time for 10 yearsAfter the bubble burst, property price dropped to $200kPerson B did a loan modification for Property in 2014.Loan is now $200k.Person A now found his calling and is leaving the country.Person B buys out Person A for $130k cash and continues paying mortgage (since its his anyway)Loan Modification had a clause upon termination of mortgage a 25% fee is due of difference between initial loan value of $200k and current property value at termination.Person B wants out but would want to see the $130k back somehow.The two units are rented out for a total of $2000/monthThis is in Chicago 60618.Comps are $350k~$500k depending on conditionTaxes are about $6k annually.Water is about $1,500 annually.Tenants pay other utilities.How would I help Person B (my friends uncle, Person A is family as well), at the same time get some value out of it?

As a business, you have requirements for the origination, processing, underwriting, buying, selling, servicing, modification and funding loans secured by residential property, the exemptions apply to personal investors, again using their own funds.

It's a matter that you address to ensure your tenants are treated fairly, but you don't have any liability unless it was made as a modification to the lease, such as a letter that could be seen as modifying the written agreement, then you could be liable for the agreements in a settlement at the end of that lease, IMO.

I'm guessing that would necessitate a lift for the sewer???

We presently concentrate mainly on Commercial Loan Modifications and Cost Segregation due to the opportunity this tough economy provides...

I have to make some modifications, among other things, but they flat out told me that the new regulations were coming and that because I'm making the effort, they're more likely to grandfather me in in the future.Make sure you account for furnishing the place - I can tell you from experience, it always costs more than you think.