If it doesn't, modify and review at that the next 90 day mark.

I have an opportunity to buy a re-performing first note at a 40% discount to principal The note has only 2 payments under a recent loan modification The interest rate is 5% and the principal is about 10% above appraised value The note has been serviced and modified thru a national service company .

Of course, people could modify the language to state that they were taking the blinds or wanted the drapes left, etc.  

I'm planning on a temporary modified rent solution to be paid on later months. 

I believe Buffett later modified this to the effect that he'd rather overpay a little for a great company than dramatically underpay for a lousy company.

After a REALTOR® has submitted an offer to purchase or lease property, the listing broker maynot attempt to unilaterally modify the offered compensation with respect to that cooperative transaction.

If there is an issue, modify the note while in escrow with the attorney as a condition for assignment. :)

It really walks you through step by step and allows you to easily modify and create milestones for the future.

Ideally, I'd like to be able to modify it with exit clauses and so forth.2.)

You need to understand all the aspects of RE as your collateral and more concerning legal requirements, foreclosures and contracting, buying with or without recourse and knowing how to modify a note, underwriting as well as the simple finance side.