I will read your blog and also PM you as I would like to know a little more information on the specifics of your companie's note portfolio you offer to investors.One thing i can't get my head around, though, is if the 2nd lien holder has all of these rights to protect it's interests...modification, foreclosure, etc...why on earth don't they exercise it as opposed to selling the lien to an investor for chump change?

@Bill Gulley, and @Jon HoldmanI know this is an old thread but I have a similar situation to @Daniel Dietz with a bit of a twist.What happens if a note is modified and a few years later the private lender passes away (leaving the note to the state - no heirs).I tried to go to the county recorders office but was told that they do not record modifications to note terms. 

This Agreement and Tenant’s right under it shall be subject and subordinate to the lien, operation and effect of each existing or future mortgage, deed of trust, ground lease and/or any other similar instrument of encumbrance covering any or all of the Premises, if any, and each renewal, modification, consolidation, replacement or extension thereof.19.

As a seasoned investor and a real estate agentI think it is vital to have your license.I started out with my real estate license and it gave me a look into the buying side of real estate.

The home had not seen any major repairs or modifications in over 25 years!

Old notes will be grandfathered but if you have more than three you might modify them now, modifications will need to comply as it is a new extension of credit.

I know that you have obtained some modifications for MH dealers, but so far I don't see anything so exclusive to MHs that would not apply to other housing.

If you purchase you have a lot more control over what modifications can be made, and most landlords will not want a revolving door of residents.Rentals are very dependant on the quality of property management if you aren't self managing, and I assume AFH's would be even more so.

Almost every state has some form of common law (case law) modification to enforcement of joint and several liability.

Those terms do not change unless specifically agreed to in writing by the Mortgagee and Borrower in a formal agreement called a Modification.