Mike Rockwood: FOX Business on Loan Modification
TRANSCRIPT of Mike Rockwood on FOX Business
“Time now for the diamond district on happy hour how we stop this housing mess once and for all move on. One thing we have to do is stop the foreclosures now I do not want to get into that tired old argument about whether we should. Bail out irresponsible homeowners that are not. Let’s be productive. Pro active let’s talk about how you can negotiate with your bank and get a mortgage that you Read more
HELOC Chargeoffs: What Next?
Dear Homeowner,
If you quit paying your equity line of credit, and you have
no equity anymore, it’s very likely the loan will be charged
off.
In the short term, that means it’s gone. In the long term,
it’s still a big “what if.”
Will someone buy that chargeoff and come after you some
day? Possibly. Will it just disappear forever? Maybe.
Below is a transcript of a teleconference we did recently
all about this aggressive, still-too-early-to-tell tactic.
Download HELOC Chargeoff Report Here
To your success,
Mike Rockwood
Loan Modification Program
p.s. If you have any experience good or bad with chargeoffs, please let me know. We’re still very leery about recommending this strategy.
Loan Modification DTI 101 (mp3)
Dear Homeowner,
Your debt-to-income ratio (DTI) is often the deciding
factor in your loan modification.
That’s obvious. Less obvious is how EXACTLY you calculate
it. To confuse the issue even more, some lenders want
gross income, some want net. Some want only debts that
appear on your credit report, others want ALL household
income.
Asking your lender how to calculate your DTI is a really
bad idea. Asking me is a great idea because I can show you
how to torture the numbers to meet your needs.
I did an entire teleconference on this recently:
To your success,
Mike Rockwood
60-Minute Loan Modification
p.s. I my complete Loan Modification Kit, I offer free expense
worksheet critiques. This ensures that you are presenting your
DTI properly right from the start.
Loan Modification: Do you REALLY Qualify (mp3)
Dear Homeowner,
The vast majority of clients we work with DO qualify
for loan modifications – but some don’t.
If you have any doubt as to whether or not you qualify,
listen live to my recent teleconference all about
qualifying for a loan modification.
Read more