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[Below is an excerpt from a live loan modification teleconference]
Ryan: Sweet! How to talk to your lender in 20 minutes. We want to know what questions you have about talking to your lender. Basically it's specifics. They said this, I was told this, I was told this, I said that. And feel free. Just let her rip. And we will take questions here in minute on the phone. Hopefully some brave souls will speak up here on the line and we'll try hard to answer your questions in full. The email address is help@60minuteloanmodification.com.
CALLER: I have a question. I have a first and a second mortgage through one company, Fifth Third Mortgage. And they've offered me a modification on the second. But they said the first is going to be four to six weeks out and my fear is, of course, if I agree to the modification, which is a three percent rate, it's a very good rate. But if I agree to that I'm afraid that they won't do the first and then I'll be throwing out more bad money if they don't agree to loan modify the first mortgage. The two mortgages together is $1.4 million.
Ryan: Okay, so it's $1.4. And how much is the second?
CALLER: The second is about $500,000 and the first is $880,000. Now with the back interest it's about $900,000. The second is about $500,000 so it's about $1.4 owed. The house is worth probably $1.5. Very best case scenario.
Ryan: Okay, great. So, what do you think? I mean, basically Rod has a problem. Well, he's got a great situation here. He's going to get a sweet three percent interest rate on that second.
Mike: No. I think Rodney's concern is probably that his financial position will improve slightly because he's going to a three percent on his $500,000 second, which is probably a lousy rate right now, so it's probably quite a significant reduction. That's a guess. Let's guess that it's a $1,000 month savings. So you're probably concerned that your financial position is going to improve such that you're not going to be in as much hardship for the first and won't get as good a modification.
But honestly, I just recommend that you take what you can when you can. I don't think that will be the case although I'd have to look at your numbers specifically. And I would be very glad to do that if you wanted to email them to me at mike@60minuteloanmodication.com.
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