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[Below is an excerpt from a live loan modification teleconference]
Mike: Right. So for you, the best decision may be to do something more immediate and more surgical like a short sale or some other option. Then another insider tip is to help you estimate the impact of the modification I think it useful to take the modification you can reasonably expect to get. And if you qualify after, in a few minutes I'll just run quickly through the qualification criteria that are most important now, if you want to take the amount that you owe the lender and multiply it times about a .055.
That's five and a half percent. And the reason I say that is that four percent is a really good loan modification. So let's say your currently at a six and a half percent fixed rate. It would be very, very good if your lender would take you down to four percent for the entire thirty years. So take five and a half percent to include taxes and insurance. And then divide that by 12 to see what your monthly payment will likely be. Now that would be a real fast way to figure out what a loan modification might do for you. Okay? So take five and a half percent of what you owe the lender and divide it by 12 and that would be a reasonable expectation for your loan modification.
Ryan: Okay, so how do you figure out if you qualify?
Mike: All right. There used to be seven guidelines. There are three that are really important now. Number one is, and these are not in order of importance. The first one is the type of loan. If you have and adjustable rate mortgage it will be modified. If you have a negatively amortizing loan, if you pay less, in other words, if you pay less than just the interest on your loan every month, it absolutely will be modified. You might not like the results but it will be modified. If you have a high interest fixed rate loan it will be modified. So the type of loan very much indicates whether or not you'll be given a modification. Fixed rate loans below six percent are less likely to be modified. Fixed rate loans below five percent very likely will not be modified. Cause they're just darn good loans already.
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