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[Below is an excerpt from a live loan modification teleconference]
Ryan: And you know what I've found too is that there, you enter into a different mindset. You go through the horror of oh, my gosh, I can't make my payment. Let me tell you, you start to get okay with that pretty darn quick, in that you realize hey, this is a business decision. I entered into this with the bank. They bank didn't lend me the money on the house because they thought I was not qualified but I was a really nice person, you know what I mean? And the same thing goes with the bank. It's just a business decision. It says nothing about you as a person.
[Caller asks question]
Mike: Okay, he has two mortgages and two HELOCS, probably two properties. And on one of the first mortgages he got a 4.5 modification and now he's contemplating whether or not to go after a better modification there or to take off after the other three loans. My advice would be to take off after the other three loans. That's the process that I have used. I just took one after another after another because now you're in a better position to qualify for better modifications on the other three because you're payment is lower, so you have more income so you're in a stronger position to get better modifications. And then circle back on the 4.5 after it is three to six months old and then you're in a better position in terms of aging of it too.
Ryan: What I should say is that it's almost like triage, right? You just have to go after everything that hasn't been helped yet and then possibly return to the 4.5. 4.5 is killer, congratulations on that, congratulations on going for that, that's super. The only thing is that these HELOCS are almost, well, for 80 percent of us anyway, they're over mortgaged properties and so you do have to figure out at some point are you going to pay these HELOCS at all is one issue. That may be for a couple of years down the line but I'll just throw that out there and we can talk more about that if you're interested by email.
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