Loan Modification Brokers: Help Stop Bankruptcy

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] Mike: No, that's a perfect way to say it. That's the cash flow measurement. It needs to be plus or minus $500 every month and then of course your debt-to-income ratio needs to be within the guidelines of the bank which are certainly less than 75 percent of your monthly income should be going to debt support and the bank is most comfortable if it's right around 55 percent. Ryan: I say forget about worrying about debt to income ratio. At least until you're really fine tuning your budget. Mostly worry about what's coming in and what's going out every single month and you need it to be around negative $500 to positive $500. That's counterintuitive to most people. I know it was to me. I mean, I think that if I'm going to qualify for a loan modification I should be $3,000, $2,000 negative, however much I'm going to need the loan modification. Okay. Mike: That's right. That's what most people think, yeah. Ryan: And I don't know, logic doesn’t quite play into it here. This is just the requirement, okay. Mike: The underwriting criteria. Ryan: Yeah, so don’t try to make too much sense of it. The other thing is we sat down with some people recently and why wouldn't they do this, why this, this doesn't make sense. Man, you got me, but we can't re-evaluate or psychoanalyze the entire U.S. banking system. You know, all we can do is really try to manipulate it for our benefit right here in a good way because those are the requirements. Kind of like a driver's test. You can't pick. Mike: I also wanted to draw everyone's attention to that experience we had last night, Ryan, where we were interviewing that one client who was -- you know By mvpsproductions Tags : bankruptcy , broker , brokers , liabilities , loan , modification , mortgage , tips

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Viddler | June 24, 2009

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