Loan Modification Banks: Are they Really Trustworthy

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

Mike: Yes. They had several houses and they had a very big mortgage. This was not insignificant. Another point I want to make about this one is it was a jumbo loan and all those folks with jumbo loans, all the Californians and all the Floridians and others who have the jumbo loans need to be encouraged by the fact that all these rules that apply to Fannie Mae and Freddie Mac, FHA, conforming loans are being applied to the jumbos. Don't let people tell you they're not. People say there's no help out there for the folks with the jumbos. All of the investors are, they're following the same rules. And of course they would. Why wouldn't they?

Ryan: What about the specifics of this one? I know these folks had some things that initially they thought this is going to be a block for us. Were they doing multiple properties on this one? Didn't you tell me that their mortgage was $8,000?

Mike: Yeah, the difficulty with this one was they had some income issues. Their income had declined very rapidly during 2008 but now in the last six months had come back and they were self-employed. So that's always a little bit dicey in terms of for the underwriter at the lender, providing conclusive proof that this is documentable income. So they had a little bit of an issue there but they got their bookkeeper involved, their accountant involved and got that all straightened away.
Ryan: So basically you want to go into more of the details of that?

Mike: No, I think we should wait until they finalize their modification. They're still arguing with the bank over about $900 worth of monthly expenses.

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About the 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.