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[Below is an excerpt from a live loan modification teleconference]
Ryan: Yeah, that's true. So we're talking about making $6 grand a month in payments and so –
Mike: Depending on what state she's in, taxes could be $10 grand.
Ryan: So we just throw that out there. Loan modifications aren't the answer to everything. And you do want to always be looking. Just as we talk about loan modifications doesn't mean that we want to get everyone in the world to do a loan modification. You really want to take a look. Loan modification is a great place to start cause it's like the least invasive thing.
Mike: And it's the easiest, cheapest.
Ryan: Yeah, it's kind of like going to the doctor before you get the surgery, right. But when you into that checkup if it's looking like you need to go further, well, a short sale. A bankruptcy. Or many other options are available to you and Denise, if you'd like to know more about other options you can go ahead and give me or Mike an email. That's Ryan or mike@60minuteloanmodification.com.
CALLER: I've got a question. I picked up a property "subject to." The loan broker's name is the only name that's on the mortgage. The property is titled 99 percent to me. We left him on the mortgage so the loan wouldn't be called way back when in '05. And I'm wondering is a loan modification possible under that circumstance?
Mike: I don't think so, but I think that's kind of beyond my scope legally.
Ryan: That's kind of a neat question. Let's look into it. We haven't had too many people that do this. What state are you in?
CALLER: California.
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