There is no modification of this.

Apparently, the Principal refi is the 'Loan modification' whereas I am doing a Short re-finance which means that the lender is willing to take less than what is owed on the property and I go with a FHA financing.

That could be a cash flow play for some investors who understand how to restructure the loan through a modification.

I would have a CT attorney start the FC process then the borrowers will call you or the attorney asking for a mod if they want to keep their houses.

FOR LOAN MODIFICATION?

If you insist on staying or squeezing me for money, I will hand this over to my attorney to not only protect me from your unfounded charges but to seek reimbursement for the floor replacement necessitated by your negligence.Please notify me - in writing - of your intentions."

There typically needs to be some extenuating circumstance that necessitates the price change - like a change in the scope of work or an error on my part in estimating the job.In the past few days I have quoted on 8 different jobs.

You can buy the note real cheap, foreclose on the property and rent or sell. ...Another alternative is buying the note at a discount, doing a loan modification with the borrower (so that the borrower is able to perform as agreed), and then collecting cash flow from the modified loan.

Hi @Justin Wroblewski, the only exception to the one year primary residence occupancy requirement that others brought up is if something came up that you could not have reasonably anticipating, necessitating your move. - Mom living in California just got diagnosed with Stage 4 brain cancer, and you want to be there with her for her final months, will work. - You decided you wanted to increase cashflow because you want to be a real estate investor, will not work.- Anything in between, best to check with a lawyer.

He chose one of them (with slight modifications) and that is what we went with...To make a long story short, we are now using a Wyoming Limited Partnership to hold the properties with a Wyoming LLC as the 1% General Partner.