File it away, it is not recorded it's an internal agreement.Any modifications to the original are done in the same way.

What if the borrower was in a loan modification that wasn't recorded?...

I rented the space to an established dog groomer so the only modifications required was a bit of additional plumbing which I paid for.

As we were discussing in another thread, there is money to be made with this type of note (through short sale, helping homeowner do a modification on 1st etc) but there are much better opportunities for you elsewhere. 

Always wanting to set sail as quickly as possible with a map to success drawn in haste, this vessel I build with each interested subject is never seaworthy, having a leaky hull and torn sails where vital information is missing.

I think just being flexible gives you a huge leg up and the large companies that are very resistant to any "standard contract" modifications. 

Exoect to go to county recorder or bureaus of vital statistics.

These question are so vital to ask and know the answers to prior to buying anything..

A tax sale investor is a vital link in the system of property taxes. 

On the back end after purchase to verify a loan servicer's payoff statements and/or for a modification or restructure as you mentioned.