Looking for a realtor who can assist ASAP with a drive by inspection and photos of a property we are about to buy the note on NW of Charlotte, West on the 85, up the 321 N.Looking for type of neighborhood, rentals or owners, vacancies seen, valuations, and crime in the area, etc.While we will try to work out a modification to get them paying again, we might have to either get a deed-in-lieu and do a short sale, or go through foreclosure process & sell the house after that.We would want the realtor to be with us all the way, and will pay you full commissions for any help in selling it.

. :)Not even mentioning quality swaps, trades, allocations to partners, how to find motivated note holders/sellers, servicing or collection guarantees, buying as a servicer while using a sub servicer, "wholesaling" the REO or cash for keys options and I'm not getting into modifications as that has endless possibilities.    

- Bank could require new documents- Bank could decline the seller for short sale and/or recommend loan modification- Bank could request a promissory note and the seller declines.- 2nd Lien or Judgement Lien could require more than they are allowed by the 1st.- Appraisal can come in too high- Appraisal can become too old and bank require new.. the list goes on and on.  

She has a few options:1) make up the back payments, fees and late charges to bring the loan current.2) If she can't afford it, sell.2a) if she's underwater and the lender will agree, sell it as a short sale.2b) if she's not underwater, just sell3) pursue a loan modification with the lender.

If both parties are amicable to a modification of the lease, you could replace the inherited lease with your own.

·Modification of the fiduciary duties of a manager?

This is pretty common these days.Even if you keep it as a rental a loan modification might be possible. - Ned

Contract for Deeds or Land Contracts were the most popular method of doing installment deals, but due to the new laws and issues around unlawful foreclosures I' m not seeing much use for them now, without major modifications to the point that they really wouldn't be seen as the old CFD.

Another issue is checking on state requirements to do commercial lending, if you make a loan and are not in compliance with registrations, licenses or filings, your loan may not be enforceable, so you'll need to check and see if people off the street can make commercial loans.Drafting an operating agreement as a modification to the original or changing it is not a difficult matter for a business/RE attorney, it's an issues of the priority of capital contributions and one member having the power of sale.

Once the regulation is written, formulated, implemented, and guidelines distributed to lenders my guess is that these lenders build their systems, make pertinent modifications, develop the infrastructure to accommodate the changes.