Description: http://www.60MinuteLoanModification.com – FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more.
[Below is an excerpt from a live loan modification teleconference]
Ryan: And I know, you tell me you got divorced and you moved and the business failed and this happened and that happened. And you know, what we were helping people get through was, you know, a three page hardship letter that went on about the story and the bottom line is, it is reduction of income or it is an increase of expenses or it's a combination of the two. And I don't know, I find it somewhat cathartic to put a label on it like that just say hey, you know, it's something that everyone's experiencing. Do you know what I mean?
Mike: Sure. All right, hey, I wanted to reference on page 34 of the workbook. I think this diagram is several months old but it still captures the point I wanted to make about finding out if you qualified. See the three circles there. Ability to pay, hardship and type of loan. Those are the primary three guidelines that the banks are using and where they all three intersect, the darkest area there, that's the bullseye. If you're in there where you have a strong story in all three of those areas you are certain to get a loan modification. In the less dark, the gray areas, there you are likely and in the other areas it's possible.
Ryan: I got to tell you, if this graphic doesn't do anything for you guys, don't feel guilty. This thing to me is mind numbing. Unhelpful. But give me a bullet point list and I'm happier. That's on page 34.
Mike: Okay. And we do have that loan modification qualification calculator still on our website. Feel free to use that.
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