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[Below is an excerpt from a live loan modification teleconference]
Ryan: Yeah. Put it in your mattress or whatever. And we go into detail explaining why that is and but al you need to know is you need to do it. And also frequent question we have is what about my 401k or my retirement and you know, banks have asked us to bring some money to the table but it's never been like $50,000. Well, on some short sales it is. But you know, a good faith deposit or something like that to get a modification started right, is common. But we're still talking about, you know, a couple months of mortgage payments or something like that. Not your savings account and I think it's pretty easy to always, easily deflect interest in your assets by just explaining that it's your retirement money because that's what --
Mike: Ryan, let me take one more angle out of that shot. Now, here's I hope this is not the misconception that you're operating under, Scott, and that is by your parents giving you some money and it sitting somewhere and you're living off of it that will be considered income. The bank does not allow you to use your savings as income or borrowing against your 401k as income, as much as it is possible and so many people do it, it's not income. It's not monthly income. So if it's the case that your parents are well to do and they can give you enough money to live on, the way you want to relate that to the bank, if you want to reveal it to them, is by getting your parents to write a contribution letter explaining that they are willing to contributing so much a month until you get a job or until you know, you get recovered from the injury, etcetera.
Ryan: Also, the question about people subsidizing your mortgage. That also applies to others too. Spouse, girlfriend, and consider if your spouse isn't on the loan you can do something like that too, right, in calculating that.
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