How many times can a mortgagee file for loan modification to postpone foreclosure?

But now this project is in the millions and if crap hit the fan and I couldn't work out a loan modification, I would have to declare bankruptcy.  

As your tenant is older the argument can be made that she needs this modification for health reasons so you likely don't really have a choice.

Unless you are a RMLO you can't modify an owner occupied residential obligation nor service it or attempt any collection activities including workouts and modifications, Better ship it off to your servicer, IMO.

People seem to like the idea, but when it comes time to write the check, it doesn't seem so vital

I think most answers here are missing the fact that this is a HUD homeThe answer is unfortunately a FNMA loan was never possible on this property with the issue stated because you do have to have the utilities on for the appraisal and more than likely the Asset Manager was not going to let the water be turned on due to those issuesAny government backed loan is very difficult on A HUD home based on the appraiser needing to have the utilizes on and if the is a deficiency the inability to correct it even if you wanted to as HUD allows no repairs or modifications to the property prior to closingAs mentioned above, I would ask if they have  a portfolio lender or contact a credit union. 

Hello Vitality,This is a great question!

Once they changed the occupancy type of the space its clearly a modification.  

One of the note agreements with this sponsor has gone past it's maturity date and the custodian has requested a note modification; so, they are on top of things. 

Saving time and money for full time investors that don't have time to find deals.They are vital and invaluable in certain situations.The motivation of certain individuals simply strikes me at times when I see that light bulb go off in their head, and then they expect the rest of the work to be easy.