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[Below is an excerpt from a live loan modification teleconference]
Ryan: And we have problems proving they have enough money to get a loan modification. So does that make sense to you? In other words, the problem is not showing they don't have enough money to get a loan modification. The problem is making sure that we show enough income. So in this situation what we're doing is helping our clients refine their budget to the sweet spot and the sweet spot we've talked about earlier is you want -- when everything's said and done and you know, in the books and on the kits we go through this very clearly for you. But when everything's said and done, the amount that you earn every month and the amount that you spend every month has to be within $500 of positive and negative. Is there a clear way to say that?
Mike: No, that's a perfect way to say it. That's the cash flow measurement. It needs to be plus or minus $500 every month and then of course your debt-to-income ratio needs to be within the guidelines of the bank which are certainly less than 75 percent of your monthly income should be going to debt support and the bank is most comfortable if it's right around 55 percent.
Ryan: I say forget about worrying about debt to income ratio. At least until you're really fine tuning your budget. Mostly worry about what's coming in and what's going out every single month and you need it to be around negative $500 to positive $500. That's counterintuitive to most people. I know it was to me. I mean, I think that if I'm going to qualify for a loan modification I should be $3,000, $2,000 negative, however much I'm going to need the loan modification. Okay.
Mike: That's right. That's what most people think, yeah.
Ryan: And I don't know, logic doesn’t quite play into it here. This is just the requirement, okay.
Mike: The underwriting criteria.
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