Loan Modification: Assisting You on Your Liabilities

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

Mike: That was then, this is now, this is a very dynamic environment and you really have to keep up to date and work with current information. So what I'd like to turn to now in light of having thought about that for the month and thought what advice I would like to give all of you guys in terms of communicating for loan modification success, let me take a minute and really outline two areas. The first one is understanding the lender, and I call the lender your adversary. Because in this sense they really are. Yeah, you invested together and yeah, you were partners and all this stuff. But in the negotiations for a modification to your agreement, they are your adversary.

Ryan: Well, in the original thing you're partners. Now, you're diverging.

Mike: You're adversaries. Right. Now Ryan, you know that this is true. Training horses is my favorite hobby. And communicating with horses is a real challenge. Anybody on the phone who is a horseman knows that and I've been thinking about how there are some real similarities. You learn ways to communicate with horses that are kind of unique to the beasts that they are. Horses are not the smartest of animals. Horses generally, most horses, are very poorly trained. Horses are hypersensitive to their environment. I think almost everybody knows that. They are flight animals. Their first reaction is to run. And lastly horses are big and horses are very dangerous. So in these regards horses are kind of like the employees of your lenders. Kind of like the people you're going to be talking to on the other end of the phone. They're not the smartest animals and I don't mean to criticize them but I mean, let's be real. The people that they're throwing on the phones here are young, not that young means dumb, but young means inexperienced. They're new. They're entry level people.

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Author:
Rocky Rockwood is an author and expert committed to helping homeowners navigate the increasingly complex arenas of real estate and finance and Do-it-Yourself Loan Modification. Click the link to know more about him: Loan Modification and Mortgage Modification website.