Lender Loan Modification: a Trusted Partner in Financing

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[below is an excerpt from a live loan modification teleconference]

Ryan: A lot of times what happens, yeah, is that some event kind of creeps up. They might have even had the expense but then now it's maybe doubled or tripled and so they don't think, they're income hasn't gone down.

Mike: Yeah. So you have to prepare by understanding your hardship and then most importantly prepare your budget. That's the most important financial information to have before you call and then lastly I always recommend that you remove funds on deposit with any bank that you're negotiating with. So preparation is important. The second thing I recommend to everybody is, and this kind of bugs people, is that you answer the phone every time the lender calls, even if it's the collection department.

Ryan: Honestly, that's a huge drag.

Mike: Yeah. Cause most people go into denial and they don't like to talk about their difficulty, they certainly don't like to be reminded of it and it's very often at an awkward time or in an awkward place. But I really urge everybody, answer that phone. Tell your story, try to get positive entries into your files, and most importantly ask questions. These are real people and if you can engage with them they very often will give you information that will be helpful to you in your loan mod effort.

And by the way, you should listen on the Phone Tap CD, you should listen to some of the examples of ways that I ask questions of different collection agents and stuff like that, because it can be really kind of fun. And they do give you a lot of good information. I think you'll get a kick out of listening to that. Now the third thing is always document important information in writing. It's not good enough just to make a note of it and put it into your file. You've got to send it to the lender. A qualified written request, page 118 of the workbook, it says the qualified written request is established by section six of the Real Estate Settlement Procedures Act. And it gives you the legal right to expect a written response from your lender, a formal written response, confirming that they received your request for information within 20 days and a formal, complete, thorough response to your inquiry within 60 days.
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