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Ryan Rockwood: Hello. Hello everyone. Welcome to the 60 Minute Loan Modification Insider Secrets Teleconference series. This is Ryan Rockwood and as you know, each week we are here to get together to support each other, to get loan modifications, but most of all to beat the bank. I’m here today as usual with my father, Mike Rockwood, who’s also the author of the 60 Minute Loan Modifications.
Mike Rockwood: Hi everybody.
Ryan Rockwood: And today is going to be a little bit departure from the normal. If you’ve joined this for a long time, you know that we have teleconferences two times a week, Tuesdays are for everyone – Thursdays are for clients only. Today is our day where we usually get into the nitty-gritty of hardcore stuff that would scare away maybe like someone who’s just coming to the loan modification world thinking, “Should I even try this thing.?” So we don’t – we try to stay pretty basic on Tuesdays. We get really into it on Thursdays, but today we’re going to deviate from that a little bit. We have just a very short announcement for you guys today and it’s really an announcement for anyone we’ve ever – I guess not just our current clients. It’s anyone ever that has ever talked to us or heard from or purchased from us or not purchased from us and as usual, if you’ve been with us awhile, you’ve seen that we’ve got to try to reposition the product several times and it’s presented in a way that really gets people excited about it, but more importantly actually gets them to do the loan modification.
Mike Rockwood: Well that’s the key Ryan. The trick is we know what we have as a resource. What we’ve got as a resource is a tremendous wealth of knowledge about the insider tricks about getting good loan modification than you think. Well, how can I, number one, make a living using this knowledge and number two, how can I help a lot of people because it is very important to Ryan and me to help a lot of people because loan modifications can be a financial life-changing kind of a thing. It can be the most significant thing you do to save your finances in 2009. So with some frustration that we’ve learned over the last few weeks that we’ve been spending out more time than ever thinking about this that an awful lot of our clients that purchase the product and that join us on these teleconferences actually don’t follow through and do loan modifications. There’s a high percentage – Tracy even think it’s as high as 40% that never actually submit the loan application so that’s get frustrating for us because we feel like just in terms of good business practices, you want to be sure that you’re offering a product that’s easy enough to use that people use successfully at a high rate, so that they tell their neighbors and friends and relatives about it and they recommend it to others and kind of built as a snowball, but secondly just in terms of our own good feelings about what we’re doing. We’re saying it’s one thing to collect a couple hundred bucks from somebody but it’s a really good feeling if they get a $300 or $1500 a month reduction in their monthly mortgage. So Ryan and I have become increasingly frustrated that we’re not really helping more people. We’re just selling these kits.
Ryan Rockwood: So with no further ado, drum roll. The new idea is our Done For You Loan Modification offer.
Mike Rockwood: Done For You Loan Mod Application.
Ryan Rockwood: Okay so here’s how it’s going to work.
Mike Rockwood: You coined a new term.
Ryan Rockwood: Here’s how it’s going to work.
Mike Rockwood: It’s not a do-it-yourself. It’s not the DIY.
Ryan Rockwood: [Inaudible – 0:03:36] done.
Mike Rockwood: It’s a DFYLMA.
Ryan Rockwood: That’s real catchy. I’m sure it just kind of take out like wildfire, but the bottom-line is there’s all kinds of different cheers of people and actually people have – it’s funny even though we do have reports of a lot of people not doing it not actually doing the loan mod. They’re kind enough not to return their kits.
Mike Rockwood: Yeah, that’s a good point.
Ryan Rockwood: We only have had one return I think, but so the bottom-line is I think –
Mike Rockwood: It was two.
Ryan Rockwood: Well, so the bottom-line I think is we get the sense, I mean we’ve done it. You go to conference whatever. You know this information could, you come home from the conference or with the book and say this can make me a million bucks this year and then you go on and you earn 30,000 bucks that year right because that stuff kind of show okay. So and that’s human nature right. We know how to overcome that but here’s what we’ve tried to do okay. We wrote a book that basically a book, a DVD we’ve recorded some of our calls actually to the bank. We put hardship letters and real examples of hardship letters, real budgets in there, told you exactly what to do, do-it-yourself book and we thought okay that’s all anyone can ever need. Just buy the book and send us your great reviews and of course, there was some of that and then – but then there were these people that they’re saying hey, I got – to be honest, I’ve got money. I don’t have time. I’m sure this book is great, but just do it for me okay. So in response to that, we did develop a full service model even though our kind of like our whole idea is you really don’t need it. We just can’t talk some people out of it so.
Mike Rockwood: Well, and I think you hit the nail on the head when you said some people just playing have a little bit more money than they have time and if they’re just super busy and $3,000 isn’t a ton of money to them then, it’s a great value because a lot of times we can whack a thousand dollars of their mortgage payment and all they do is hear about it a month later so they love it.
Ryan Rockwood: A lot of times people think well if I’m not paying my five grand mortgage this month, what do I care if I pay these guys $3,000. So then, we do $3,000 thing and that’s always available to people, but the downside of that is that we totally become responsible – we feel like we have to guarantee everything we do, the book is 100% guaranteed, the kit 100% guaranteed, the loan mod thing is 100% guaranteed. If we don’t get – it’s like $3,000 loan modification thing if we don’t get someone a loan modification, we actually pay them out of our pocket because we have to pay our staff. So it’s not like even it’s just our time is lost. We actually lose money. So like it’s a big deal to take that on and we don’t take it on lightly and people don’t part with $3,000 lately, right. So it’s at the upper end of the spectrum okay like if we take that on, it could be a three or four month process and it could – the bottom-line you end up – when you’re working for someone, you end up you’re going to have money. You definitely earn it. It’s not a windfall so.
Mike Rockwood: So then, so Ryan starts to research different ways that we can deliver the goods. How can we deliver this product and help more people? And over the last month we’ve look at a couple of different models and we try to pay attention to what everybody else is doing in this business and an awful lot of people, the swarm has gone to the full service offering like we’ve got, but honestly we’re just another offering there. We’re not – we don’t have a real big advantage over anybody there. So it’s not our thing. Our thing is all about do-it-yourself and our thing is all about doing things differently than anybody else does in helping a lot of people. So we look into several automated systems that are online like – what do you call it? Turbo tax like a turbo tax thing where you just log on to a website and fill it out and we went down the path with one of those companies.
Ryan Rockwood: Actually we asked for feedback on that and zero people called in.
Mike Rockwood: Yeah.
Ryan Rockwood: I don’t know. it might just been a small call, but basically the thought was a lot of the things that stop me like I want to apply – when I was in high school, I wanted to apply to 10 colleges. How many did I apply to? I don’t know two, 1.
Mike Rockwood: I applied the two for you. You applied to none.
Ryan Rockwood: That’s true. And so the bottom line is it’s just kind of like actually putting pen to paper. You know what I mean? Even it’s – and so the idea was if we could develop a computerized automated system that would generate these packets for people where you could just sit in front of the computer at home and you would say how much do you spend on groceries. How much you spend on this? How much you – you know what I mean. It’s just that everyone in this situation so often needs that little push that little like hey, –
Mike Rockwood: Don’t think about it for a minute.
Ryan Rockwood: Yeah.
Mike Rockwood: Just answer my question.
Ryan Rockwood: We don’t need it. We don’t need the grocery receipts.
Mike Rockwood: Right.
Ryan Rockwood: How about an estimate?
Mike Rockwood: Yeah.
Ryan Rockwood: Okay. We’ll go on from there. We’ll come back to the problem. Anyway, so we look into that and that is a possibility. Please give us a call or let us know if you’d like – if that interests you, the idea of a totally automated solution. It cost a lot of money to actually set up and stuff so we have to sell it on a load mod to make it worth it. So we’re kind of waiting on that one. In the meantime –
Mike Rockwood: So if you call and really like that option, send the check as well.
Ryan Rockwood: And so what we kind of done is we’re going to try to kind of test out that method manually. It’s kind of like –
Mike Rockwood: That’s exactly what it is.
Ryan Rockwood: Yeah. Amazon Turk have you ever heard of that? Probably not but amazon.com has a service called the Amazon Turk. The Turk was one of the first supposed robots that was built back in like the 1600 and it was basically a fake. They just took this wooden robot around to town and they said look it’s so amazing. You can interact with this computerized robot. It was a guy hiding in a box operating the Turk. The Turk as in like a Turkish person I guess. Anyway, the idea being that what appeared automated to the individuals was actually done by humans in the background. So we’re going to do something like that. We’re going to basically say we’ll do all the intake – this done for you application. It’s like a hundred extra bucks. It’s basically us harassing you a little bit and the idea is we’re going to try – we’re going to do the intake for you. we’re going to call you up and say hey how much is your groceries. No, that’s too much. Give me another number.
Mike Rockwood: Yeah.
Ryan Rockwood: Okay. No, no. Okay that’s your groceries. Okay, how much is your auto insurance. No, that’s too much. That’s too little. What about this? And we’re going to basically – we’re going to actually put pen to paper and finger to keyboard and fill in your budget. You’re going to talk to me and say my hardship is this. My hardship is that. I want to do this. I want to do that. And I’m going to write the hardship. I’m not going to critique and fix your hardship like we had in the past. Just getting a rough copy is tough.
Mike Rockwood: Yeah.
Ryan Rockwood: I mean –
Mike Rockwood: Yeah. So okay, it’s two phone conversations. One that takes about 20 minutes with me to fill out your budget and believe me that’s –
Ryan Rockwood: Well we should explain this. How could you explain in a sentence so people can know? ‘Cause I realize we’re kind of describing different aspects of it. It’s kind of like okay it’s in between service model. It’s 100 bucks more – we basically put together your package for you with you and mail it to you, email it to you or fax it to you and then we wish you all the best. And the difference there between that and the full service model is we’re not going to be calling the bank everyday for you for three months. You know what I’m saying? And if it comes back and they say your budget is out of line or something like that. You’re going to have to fix it or call us back and fight extra consult or something like that. But the idea being after that point, we don’t break it open again and go where is your file. Okay, I’m going to work on it again. You know what I mean? It’s like we kind of wash our hands of it at a certain point which is a good because what it’s going to allow us to do is basically charge next to nothing for the service to figure out if it helps people get this thing done.
Mike Rockwood: Yeah. So we’re positioning this product as a little bit of an enhancement on our do-it-yourself product because we don’t mail you the goods and ask you to do-it-yourself. We call you and we do it together on the phone and that’s we’re really going to demonstrate to these new clients hopefully many of them are on the phone right now that 60 Minute Loan Modification really mean 60 minutes. If I can construct your budget in 20 minutes and Ryan can construct your hardship in 20 minutes, you have the goods faxed or email to you that evening and the next day just stapling your checking and savings accounts to it, photocopying your taxes and wham bam thank you ma’am this thing is in the mail the next day.
Ryan Rockwood: It’s – that whole thing about like if you give a man a fish to eat per day yada yada yada, you teach him how to fish each for lifetime. Sometimes you just want the damn fish. You know what I mean? Just give me the fish.
Mike Rockwood: It’s true.
Ryan Rockwood: I don’t want to learn the fish.
Mike Rockwood: I am not a fisherman.
Ryan Rockwood: Yeah. I’m not –
Mike Rockwood: You got great insight on loan mod, but I don’t care.
Ryan Rockwood: Yeah. My tax guy for example. He’s got great insight on taxes that’s why I pay him $500 to $1000 for, so he doesn’t tell me what his expertise in taxes are about okay. So anyway, different approach, we’ll try see if it works. I just want to say thank you. We’re just kind of keep it short here and –
Mike Rockwood: We sent out this notification literally to hundreds and hundreds of people so to all of those who tuned in without having gotten that message because you didn’t check your emails sorry about that. We made that announcement earlier and decided to abbreviate this call just to make this announcement and go over the new offering with the folks that are on the line who received the notification and are interested in this product and the way we’re going to test it is next week is we’re going to take on or between now and Monday, we’re going to take on 10 clients in this new product offering and run it through the phases and get the bugs out of it. We don’t think there be any bugs in it because it seems pretty straightforward to us. We do this all the time. So that’s the purpose of this call is to announce to all of you and explain a little bit about how the new service will work and to invite you right away to email us to sign up for this new service and let’s get your loan modification completed in 60 minutes.
Ryan Rockwood: Okay, so the cost, we should go over real quick. It’s basically $100 and if you’re – if you already bought the kit, it’s an extra $100 and some change. Don’t call me on that. You can go on –
Mike Rockwood: You know what Ryan it’s actually 90 bucks.
Ryan Rockwood: 90 bucks.
Mike Rockwood: It’s 287 so it’s 90 more dollars.
Ryan Rockwood: Okay.
Mike Rockwood: If you haven’t bought our kit then it’s $287 and then if you haven’t bought the kit –
Ryan Rockwood: Yeah okay so then it’s that price. You can just factor it in and I don’t know. We’re going to – there are some things we’re going to have to work out like how does the guarantee apply to that. I guess we’ll just give people all their money back if they want it. I’m not really sure, but there are a few things we’re working out over the next couple of weeks, but basically we just hope that anyone who’s listening and perhaps having a hard time actually putting pen to paper. We’ll just see that as a value to have someone get on there with them and harp and I’ve even be interested as whether or not we could three way and go to the bank and do the prequal.
Mike Rockwood: The prequal application. Sure.
Ryan Rockwood: On the phone with them too so we’ll be thinking of some really exciting things to do, but in the meantime, I should say that if you are a – if you’re on the call and you’re expecting the Thursday night conference call where all of our members get to ask specific questions, go ahead and email me at questions@60minuteloanmodification.com. Email me tonight and we will address those individually but only costumers for that. If you email and you’re not a current customer –
Mike Rockwood: I don’t know if your computer will accept.
Ryan Rockwood: No, just forgive me for not getting back to you. It’s just that obviously I’m cross referring at some member list and get back because it’s just kind of unmanageable to get to everyone and then how do they order this. What do we go through for this? Do we have instructions?
Mike Rockwood: Yeah. For the initial 10, I want people – actually you know what, this printout of Tracy gave us actually it looks like it was printed from our site so she must have – you think she updated the site?
Ryan Rockwood: I don’t know. I have to look.
Mike Rockwood: Okay. So you check that and so it will be easy enough for us to take in 10 clients right away by tomorrow so if you’re on the call and you’re interested in this service, please sign up right away because we will just take 10 person and try it out. So email as at ryan@60minuteloanmodification.com to sign up and Ryan is checking the website right now to see if it has been added. Get over to products there. Do you see it?
Ryan Rockwood: No, I don’t see it yet. So it’s going to be like the little thing on the side. I think we need it like a little splash or like a star or something. So if you’re interested in it and you’re on the call tonight, why don’t we make a cover. What is [Inaudible – 0:17:55] do it done for you. Why don’t you email me? Subject line done for you and your contact info and we will talk to you no later than tomorrow evening.
Mike Rockwood: Now Ryan, I think maybe a better acronym would be like or we should just call it the just do it mod application instead of the done for you. What do you think?
Ryan Rockwood: Do it for you, do it for me. I don’t know. We’ll have to think of something.
Mike Rockwood: Just do it. [Inaudible – 0:18:17] that just came to that just do it idea. Make a little check mark or something kind of it’s done for you.
Ryan Rockwood: Your jokes are awkward. Okay, let’s go on. All right, so what is an area that we hadn’t covered? Again, basically – we’re basically adding a mid here. We’re basically adding a mid here to our offering.
Mike Rockwood: Okay.
Ryan Rockwood: With that, I’ll sign off. I thank you everyone so very much for joining us this evening and I look forward to another great week of loan mod. They’re just getting better and better it seems. They’re getting more and more streamlined even though it’s hard still. It’s still a pain. You still need to know the secrets. You still need to –
Mike Rockwood: You still need to be late.
Ryan Rockwood: Yeah. And you still need to preserve where – when it’s real easy to just give up and drop off.
Mike Rockwood: Well Ryan, how about the experience we had today. We had today the quintessential ultimate prototypical problem with a client who just refuses to go late on their mortgage and this is now the third time that Washington Mutual Chase is insisting that we resubmit and it is really just beyond belief that they’re require enough to resubmit all kinds of documents that they say now that they form this new department, they need a new – you just – I mean you can’t believe the new things that they want. So it’s really –
Ryan Rockwood: [Inaudible – 0:19:58] It’s just they want –
Mike Rockwood: It’s the same stuff.
Ryan Rockwood: [Inaudible – 0:20:00] and I say it’s right in front of you, right?
Mike Rockwood: Yes. But we want a new one and I said well, do you think my budget expired? Do you think – it’s just bizarre.
Ryan Rockwood: Yeah. My father Mike, I heard him get a little heated on the phone today with Washington Mutual, so you can imagine how frustrated it must have been.
Mike Rockwood: Yeah.
Ryan Rockwood: How frustrating it must have been. Anyway, with that I’ll sign off. My name is Ryan Rockwood and I’m here with my father, a business partner, Mike Rockwood of 60 Minute Loan Modification.
Mike Rockwood: Goodbye everybody. Good night. Thanks.
Ryan Rockwood: Bye. Good night. Thank you so much.
