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 can’t afford it is possible. Legal and the right thing to do. My rock would — Apple loan modification mercenary he joins me now. In the diamond district from Los Angeles thanks so much for joining me first about. Oh you better equipment to be here. Okay so how typical is it tuned get your loan modified it from a bank or from an hour to refinance with another bank when we have these wars stories about banks not doing anything for anyone anymore is that true.”

“nothing could be further from the truth actually actually the system has been in place for over a year. And with the Obama announcement on March 4 it really grease the skids and all the major lenders really. Invested ininfrastructure to do loan modifications fast and efficiently. So that infrastructure is there the compensation. Is there. Now what we have to do is and — getting plenty of application applicant African. Hence there is seven to 8000 applications. Per day per working day that are being submitted. I’m so glad to hear you say let’s just move on from the whole argument about whether or not this is about. Helping. People who are always going to need help this is about slowing the foreclosure. The rise in the numbers of foreclosures and to that extent right the banks are ready to deal and — ready to take out.”

“There might be ready to deal because yet they got bailed out by Obama administration they got a lot of my they have now as you mention. Financial incentive to modify loans I mean we can’t get paid them off. To basically do the right thing. All right let’s not getting to that let’s not argue the debate that’s what it is right now yeah — somebody go about doing it just pick — a phone call the bank it’s as simple as that.”

“Well you know it isn’t that much more complicated than that can actually my whole. A message my whole soap box is about doing a loan modifications yourself from the banks want you to do on yourself. And they put together an infrastructure that makes it easy enough to do to do it yourself. But just like you wouldn’t go to the IRS to fill out your tax forms he shouldn’t go to the lender unprepared. So my message is always that you should do your loan modification yourself and you should contact. The bank quickly that you should never do it alone. You should do it with the street smarts of someone who’s been there and done that. I personally modified six of my own mortgages over the last year.”

“What in my and then — confused before you move — you’re saying do it alone but don’t go added alone figures say yeah are you recommending. If people look at the these companies that offer to help. With Sarah refinance their mortgages are modified and market is that there’s so many scams out there with those kind of kind of company.”

“Yeah and I’m sure there are plenty of them that are really dangerous and I’m not really sure you know I mean. It’s hard to judge all of those firms I know there are plenty of bad apples out there but the truth is the process is very easy and really what you need is just street smarts. About you know what the questions are and what kind of fun environment you’re going to walk into you know I learned the whole language that lenders use in — evaluate. Your worthiness.”

“Sure sure abetting you’re talking points I have to point out that you say that everyone needs to miss at least one mortgage payment. ”

“Yeah unfortunately it’s true and even just two hours ago I was told by one of the major lenders that they had created a whole new. Division a whole new group a whole new call senator just four lenders are just for borrowers who had not gone late on their mortgage and when I tried to penetrate that organization because one of my clients. In fact had not gone late. Right I got the response that they’re really not open for business they’re really not doing business yet. So it always has been the case and it remains the case that you have to be late on your mortgage. In order to get a reasonable loan modification.”