Hi Fellow BPers,This is a success story about helping homeowners and profiting from a non-performing note backed by a 1st mortgage in Washington, DC. Here is the story:The homeowners had a difficult 2011 when they bot...

The bank doesn't care if you are underwater but, because you are underwater, a potential sale will require a short sale so, you go through the exact same hoops that you would go through for a loan modification to determine if the bank will agree to participate in a short sale.

They really are simple units.I would take care of vitals before you hit the popcorn ceiling and granite as well.

I welcome all tips and vital info, please feel free to share.  

The most efficiently do this is to outsource that vital task to a consumer reporting agency (CRA) that specializes in background checks and here is why:  A CRA must conduct Fair Credit Reporting Act (FCRA) compliant background checks.

@Jay Hinrichs is absolutely correct that having a good lender, with a good reputation is vital in a competitive housing market.

If you add in the two to three million loan modifications that were performed where the banks only reduced the interest rate for a fixed period of time (that are now starting to default), that leaves you with around eight to ten million deals to tap into.

My lease prohibits all modifications and improvements, but if the tenant proceeds anyway, they become my property.Reminding them of such, usually deters such changes.

Loan modification programs, such as the Home Affordable Modification Program (“HAMP”) are covered by the rule only to the extent that the modifications do not involve extending new residential mortgage loans or offering or negotiating the terms of a residential mortgage loan application.

Going back to LLC, If you own more than 1 or 2 homes in which you have renters , its vital to have an LLC under them.