(assuming a standard instrument that has a defined maturity date and is of record) The loan can be modified and the maturity date can be advanced into the future, which as long as it get's recorded will be five years from the new date.Just to recap, you have a UPB of $74k and a RE Value of $80k or an LTV of 92.5%.

Assignments of those instruments are also in public record.  

This is music to me because increase in rent properties are very very cheap you'll find 3 families for 200k in Newark.

This website has been instrumental in helping me attract the right tenant.

You need to decide if there's still more to be made or if you're about to be the guy holding the bag when the music ends.How do you plan to do sweat equity from several states away?

The new tenants may pay on time, but maybe they love their dance music with a lot of bass.  

In my younger years I had a career in music and did that for quite a while.

@Terry SargentA deed is an instrument used to make the transfer of ownership.

I appreciate your feedback as it has been instrumental in helping me make a well-informed decision.

Darrick P. as many suggest get a party involved that knows what they are doing which can be a licensed originator and/or attorney.In the interim to give you a better example of a better instrument you can always review what the big boys use (Fannie Mae/Freddie Mac) here is a link, you would review the Multistate Note.http://www.freddiemac.com/uniform/doc/3200-MultistateFRNote.doc