Have you read about the original intent of the amendment from some of the authors?

You need to get an ATR "authorization to release" letter signed by the seller where you are allowed to negotiate the lien on behalf of the seller.The lien holder might release the lien for a nominal amount. 37,000 for 3,700 BUT they will retain the right to pursue the borrower for the balance in the future.They will not release the whole lien amount for that and let the borrower off scott free unless they are not an astute lien holder.You need to find out WHAT amount the lien holder will settle for to release interest and then go back to the buyer and see if they will up the purchase price some with an amendment to purchase agreement.No legal advice.

Here is an excerpt of the law: “Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence.

While any entity can be modified or amended, it's an expense that is not necessary if growing pains are forseen and provided for at the time of formation, you will save time and maybe avoid comliance issues. 6.

_______________________________________________________AssignorDate_______________________________________________________AssigneeDateExample 2:ASSIGNMENTOFCONTRACT TO BUY AND SELL REAL ESTATEFOR VALUABLE CONSIDERATION, the receipt and sufficiency of which are acknowledged, the undersigned (“Assignorâ€) hereby assigns to_____________________________ (“Assigneeâ€), whose address is______________________, all of Assignor’s right, title and interest in and to the Contract to Buy and Sell Real Estate dated ____________, 20__ between ___________________, as Seller, and Assignor, as Buyer, as modified by__________________________________________________________________________________________________ [describe amendments, if any, or insert “no modificationsâ€] (collectively, the “Purchase Agreementâ€), including but not limited to any right Assignor might otherwise have or acquire to return of any earnest money deposited by Assignor.Assignor represents and warrants to Assignee that (1) Exhibit A attached to this Assignment is a true and complete copy of the Purchase Agreement, (2) the Purchase Agreement is in full force and effect and has not been modified in any way (other than by any amendment or modification referred to in the definition of Purchase Agreement above), (3) Assignor’s interest in the Purchase Agreement is free and clear of any prior assignment and of any lien or security interest, (4) Assignor has good right and lawful authority to execute and deliver this Assignment and to assign to Assignee all of Assignor’s interest in the Purchase Agreement, and (5) no party to the Purchase Agreement is presently in default with respect to the performance of such party’s obligations under the Purchase Agreement.By accepting this Assignment, Assignee assumes and agrees to perform all of the obligations of the Buyer under the Purchase Agreement, including but not limited to any obligations to be performed after closing thereunder, and to indemnify Assignor against any loss, claim, damage or expense Assignor may incur by reason of Assignee’s failure to perform the assumed obligations on a timely basis.Signed and delivered as of _________________, 20__ .

"I follow The Fair Housing Amendments Act of 1988 and Section 504 of the Rehabilitation Act of 1973" Would you like to me to email an application?" 

The tenancy is presently in full force and effect, and has not been amended or modifiedin any way.2.

BUT before I did that I took the contract to my attorney and had it amended so that my contract was assignable, where as everyone elses (except one of my clients) was not.

We are now doing an amended return to get his $15k back.Another one - an investor who was having H&R Blocks prep service do the return.

So, if I'm soliciting local investors (within my own state), how in the heck can the SEC do anything about it (see the 10th amendment also).