I have seen 50-50 splits a lot (although that is usually if one partner brings all (or almost all) the funds to the table, and since you are also bringing cash, a modification might be needed.

If you need something else to read before you go to bed tonight you can also google the Maryland Credit Service Act which covers foreclosures, loan modifications, deficiency judgement negotiations etc.This is the basics.

In the meantime I have a neighbor that I've basically walked through the modification process for the last 2 years (she's a nice lady and doesn't understand much about real estate, except the fact that she owns a home).

I recently met the owner of a local loan modification company.

Hello,My company currently offers multiple options for people in foreclosure but does not offer the loan modification route.

There are also legal issues in that certain changes to a loan could trigger a chance in the liens position (some modifications are in effect treated as a new loan so the recording date moves).The trusts who are holding paper that has lost significant value (mark to market pricing) will be only too willing to agree changes in the trust provisions if the change will significantly improve the value of the asset.

No modifications.

I would like to find Sellers who have completed loan modifications with attractive interest rates that are fixed.

There seems to be another wave of foreclosures coming but I guess the wildcard is whether the government/banks finally decide to do something real with the mortgage modifications.

Mortgage modifications, if done by 3rd party, are to be licensed per the law that passed last year or a little earlier.