How Real Estate Mortgage Modification Works

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.

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

Mike: And then as soon as they contact you and say we don't need anymore information, you're file has been submitted to a negotiator, then we start faxing the negotiator and we say tell us when you're ready to talk, if you need any further information we're ready, and then finally we wear them down to the point where after a week or so they'll fax us back and say okay, we're ready to talk. Now let's arrange a telephone call. So the point is always and forever communicate. Over communicate. You've got to get out of line. The whole deal is there are going to be two million loan modifications processed this year. There were only 600,000 last year, so you can see how fast this is ramping up. And if you just start working the numbers you realize how many they're taking in everyday and how many they're processing everyday. And if you're working with Bank of America or Wells Fargo or Citi or IndyMac, anyone of those guys probably has 30 percent of those. Maybe not that much, maybe 25 percent of those. So these guys are swamped.

You have to get out of line or else you're going to get just what everybody else gets. Now number six is communicate in a non-threatening way. You know, I don't know if any of you have traveled to China but in China people disrespect lines. If you're in the line at the grocery store or in a line at a restaurant or theater or something they just have a disregard for being in line. They just kind of crowd and they walk slowly and they kind of elbow you out of the way. And if you act western about it and act like you're offended, they'll get behind you. So it's a non-threatening way to get out of line and that's what I encourage all of you to do.

And there are some great examples of this on the Phone Tap CD as well where I ask what could be perceived as threatening questions in a non threatening way. I think that everybody knows that with our premium package we offer a Phone Tap CD that has about 15 phone conversations taped. They're conversations between me and Wells Fargo and me and IndyMac and Countrywide and all the different lenders talking on different topics and they're also interviews with several clients, their initial application interview where we talk about their situation and their hardship, etcetera. Really helpful cause it gets people over the nervousness about you know, what's this going to be like and what'll be the tone of the conversation, etcetera.

Ryan: I mean, the truth is that it's just conversations of us talking on the phone and really what could be more boring, right? But it's one of those things like you do it, the first time's always the hardest, and if you go in there with an idea of what you're doing and every single thing isn't new to you. If you know, okay, here's this step. Here's this step. It's a whole other world. Whole other level of confidence.

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