File Name: Loan Mod Member Mar. 4
Duration: 00:37:00
Mike Rockwood: Hi, everybody and welcome. This is Mike Rockwood with the 60 Minute Loan Modification weekly teleconference series. Thank you for joining us this evening. Tonight’s call is for clients only so we’re very glad to have all of you with us tonight and we look forward to answering an awful lot of questions. We try to get through at least 15 to 20 questions every Thursday night. And on Thursday nights, we kind of drop the gloves. That’s an old a hockey term. A grew up in Northern Minnesota and always play hockey. I could skate from the time I could walk and we always talked about dropping the gloves because that means you throw your gloves down and you really fight.
And on Thursday nights we drop the gloves and we really fight. We give you a straight talk about what we’re doing on loan modifications and what clients are doing that are getting successful mods done. It’s getting harder and harder to get mods done simply because of the – or just simply the traffic and the lenders of course just got have – just not gotten any better. It seems like it has been six months of just being very, very overwhelmed and it doesn’t seem to get any better. So the tricks have become really to get out of line, to get up to the front of the line to get your modification done. And so what we try to do on Thursday night is really share with you the – Ryan calls them the ninja secrets about loan modification.
And tonight, we’re going talk about the follow up process because the follow up process often gets overlooked because it’s not glamorous. It’s not – it doesn’t take a lot of emotion. It doesn’t take a lot of intellect. It just takes a lot of discipline. But what I’m going to do tonight is share some ideas that or share the best practices that we have developed and the things that we actually do on modifications. I think I have told you that our modification success rate is upwards of 90% and if you read the popular press, you know that in fact loan modifications in general are unsuccessful about 96% of the time. So, we’ve kind of inverted the curve and we are being highly successfully but it’s because we have all kinds of street smart ideas and it’s also because we reject. We don’t even take on any clients who aren’t good candidates so we have a little opportunity to manipulate the numbers there.
But my name is Mike Rockwood from the 60 Minute Loan Modification. Welcome. Ryan is going to join me here in a minute and we’ll get started. But we always want to be sure to advise you not to take our advice as legal or tax advice. We’re not CPAs, tax advisors and we’re certainly not attorneys. What we pass on to you is in fact what our attorney calls hearsay. It’s what we’ve learned and what our clients have learned in the loan modification game. And honestly that’s what you want to know because you get all the rules and you get all the guidelines from the Making Homes Affordable site and you can get all the – you can get information ad nauseam from the nonprofits, all the HUD certified agencies and from the lenders themselves. You get more information than anybody could ever use. What you really need is five or 10 really streets smart tips to make sure that your modification gets out of line, that your modification application does not sit in the queue with the thousands and hundreds of thousands of others that are sitting in the queue. So Ryan, are you about ready to join me here or do you want to go ahead and jump into today’s ….
Ryan Rockwood: Yes, I’ll be ready for the supporting role there.
Mike Rockwood: Okay. So this evening to send questions to us, e-mail them to questions@60minuteloanmodification.com and I know that most of you know that because we already received about a dozen of them before the show began so we’re going to get to those and any others that come in. For those of you that are on the video conferencing, you’re seeing the live stream on the video. You’ll see there’s also a chat section right next door to it and you can also enter your questions there but Ryan always cautions that doesn’t work as well because it gets kind of clogged in inundated.
Ryan Rockwood: You know, and [phonetic] I get my laptop broken.
Mike Rockwood: We also have technical problems so don’t enter your questions there this evening to chat with each other certainly that’s – you’re welcome to do that but you won’t get an answer from any questions that you post on the – what do you call that Ryan? It’s not a forum but on the …
Ryan Rockwood: Chat.
Mike Rockwood: On the chat that’s here on Ustream if you’re watching this on the video. Okay, so let’s just review. For those – everybody on the call probably has purchased and read over and over and over again the 60 Minute Loan Modification book. I’m joking. I can’t imagine you will read it more than once but the last section, the follow up section is really critical and even though it was written 18 months ago, it’s still very valid but it isn’t exactly what we do.
Many people found it to be too much work, the daily faxing. I think most people just didn’t follow up on. And in fact over the months, really over the last probably almost a year now, we have altered our follow-up system somewhat. And so let me go through this evening and tell you exactly what we do so that you can, you know, adapt that because, I mean after all, every single day of the week, we follow up on loan mods. So, we have a pretty good idea how to do it.
That, by the way, I think is the key difference between us and other loan modification information sources on the internet or anywhere else. Big difference is we do loan mods. Ryan and I work on loan mods absolutely everyday whether it’s hammering out budgets, helping people craft their hardship letters, assembling the loan mod application or actually doing the entire modification for our clients. We work on it all day long so what we bring you is real information.
So now – so what we bring you is real information. It’s not something that we got off of blogs on the internet and it’s not something you read or we were trained or we read or we learn at some HUD seminar, but it’s things that we actually learn in the doing. So I think that’s what makes our kits and our website and all the information that you get from us really valuable because it’s real. So here’s how I follow up.
Once I’m ready to submit a loan mod application, and I do submit, then once per week I phone the lender and I’m not particularly diligent about that until it has been there for at least two weeks because it always seem to take at least two weeks just to get into the system and for their first reviewer to get back to us to tell us if there are any items missing or if they didn’t understand something. But again, like I’ve always explain to you, we make the package so bullet proof that really a 19–year–old with only 45 minutes of training can understand our loan mod applications and can follow the table of contents and can see very clearly and carefully worded explanation on every page and can see that every page is signed and every page is numbered.
So first of all, we submit a great application but then in terms of following up on every file we make at least a one-time per week call to the lender. And as you guys know, the loan mods are taking, you know, four to eight weeks even if you’re pretty, you know, pretty far into default. So that’s quite a few calls. Now, a lot of people say, well what do you call about and you’re always just saying can you give me an update. Well, I try never to ask that because I think that’s what everybody asks.
So, what I ask is I ask initially if the file seems complete. Once I got confirmation that yes, yes, yes, everything is complete then I start asking, if it’s a Making Homes Affordable, which is almost all I work on for clients, I ask why are we not on a trial modification? And that, you know, in other words what I try to do is just ask real questions that can determine whether or not the person I’m talking with knows up from down. Because awful lot of the people, maybe half of the people that you get in contact with have had no training and don’t know what they’re doing and their real job is just to fool you into thinking that they know what you’re doing.
Ryan Rockwood: You know, I get into that the other day and I’m – you were – we were working on a client’s case and you were next to me and I would start to do engage the guy. And it might [phonetic] wrote on the paper he’s just a clerk. And I realized that it is absolutely – when someone tells you something that’s idiotic, it’s difficult not to say, hey, that’s kind of dumb.
Mike Rockwood: Yes.
Ryan Rockwood: You really have to have – and that’s when I think we get these client back that say …
Mike Rockwood: Yes.
Ryan Rockwood: But they said this, but they said that, but they said and we have to go …
Mike Rockwood: Think about it.
Ryan Rockwood: Didn’t we just, you know, we’re like, wake you [phonetic] a minute ago like you know this but they said this. It’s difficult, you know. And I wouldn’t think that I would fall into that but I started to want to say, but you don’t need this, that, would you agree, wouldn’t you do this?
Mike Rockwood: But once you start that, it never seems to be successful.
Ryan Rockwood: Yes. [Inaudible – 0:10:15]
Mike Rockwood: If you question their authority, you question their knowledge, their experience, their training, it goes nowhere. So, I try to just get off the phone with those people. So initially these calls that you make, try to ask questions that determine whether or not you have a good laws mitigation officer because a good one is worth ten times a bad one, 10 bad ones.
Then as the date approaches, so as, like, I’m making my fourth call I start to ask – what I do is I update financials because the updating up financials has a significant effect on your file. At least I believe that it does in that it gets noted on the electronic file and update is generated and if it’s been assigned to a negotiator, they are notified that this file has been updated. So I’m not sure exactly what it does but it seems to get more attention, it seems to move the files along, so I update financials. I make very small changes. You know, I call back and I say, listen, after carefully going over, we realize that, you know, in fact we only – this client only spends $280 on utilities every month. We thought it was $325. Could you please update it? And then I’ll wait while they update it and then when they do update it.
And then, as it starts to get old as it goes beyond the month, it goes beyond six weeks, my calls become more asking for it to be escalated. I ask for the name of the negotiator. I ask if they would give me the e-mail address of the negotiator, which they very rarely do but once in awhile they do. But very often, they’ll agree to send an e-mail to the negotiator on your behalf. And so, I always ask them could you please ask them to just to send me an e-mail, make contact with me because- you know- I always say because the homeowner is all distraught about the possibility of losing their home, you know, they’re under great marital stress and emotional stress and their medications run out and stuff like that.
So that’s what I do with my phone calls. I’m calling them once a week and I try to do something extra ordinary. Don’t do – don’t just call and say can you give me an update on the mod because then honestly I think what they do is they go yes, right. I’ll give you an update on the mod. What’s your call number? Yes. What’s your password? What’s your mother’s name? You know what? There’s been no action because 99% of them there have been no action. It’s the same answer. So I honestly believe that often you just get them just telling you the pat answer.
So then also in addition to once per week we call, I still do the faxes that I always recommend to you guys. I always recommend you do a daily fax. Well, I stopped to do the daily fax. What I do now is a weekly fax and here’s what I do. And so this is what I recommend you do. I follow up on my weekly call. So if on Wednesdays – it’s usually Tuesdays and Wednesdays that I call the lenders. By the way, I don’t – I wouldn’t bother calling on Mondays or Fridays. They are just too inundated on Mondays. And on Fridays they are too exasperated and they’re looking forward to the weekend, so I think Tuesdays, Wednesdays and Thursdays are the only days to do business with these guys when you have to see them face to face.
So, if on a – or talk to him voice to voice. So, if you talk to them on a Tuesday and they tell you, yes, it’s been assigned to a negotiator. His name is Adam Edmonds and, no, I won’t tell you his e-mail address although, you know, you can decipher it at a lot of the lenders. And I always try that. I always go you know adam.edmonds@bankofamerica.com and then if that one bounces I’d go aedmonds so I always fart around with that, try to get through him live because then you just answer you as if they had given you their e-mail, and now you got a dialogue going with the negotiator.
But what I do on my faxes is I follow up on my phone conversation is so it might go like this. They tell me the name of the negotiator so then what I’ll do is I’ll fax in, thank you so much for passing the information along to Allan Edmonds. Could you please also tell him, or after we hang up, I realize that I told this but it’s not that. So the fax becomes actually an actionable item that they have to take action on. It’s really – I think it’s a pretty good tip because like I say on a Tuesday, I change the financials to be 280 on utilities. Well, on Thursday or Saturday, I might send them a fax saying I made a mistake. It wasn’t 280. It was you know 289 or it was 292. So again, it’s expecting an action to be taken on your fax. Never just send the fax and say please give me an update or I hope everything is going well because I mean think about it, what would you guys do if you got a fax like that?
You know a funny thing I’ve been thinking, Ryan. That would be kind of fun to put them on an auto dialer, the dial Bank of America and said, this is Mike Rockwood calling and please hold. Please hold for an important call from my Mike Rockwood. Please call Mike at, and then leave my phone number. Wouldn’t be just kind of fun? You could dial every lender an say – and I wonder if we get any calls.
Ryan Rockwood: Well, I mean the thing is how are you going to get to trigger after a half an hour waiting on hold? You know what I mean?
Mike Rockwood: Yes. I know. But it would be just – it would be almost fun to do it manually, you know, when they find [indiscernible].
Ryan Rockwood: It would be fun if we – yes [indiscernible].
Mike Rockwood: Yes, we should tape it and when we get through this person. Hi, this is Ed and this is – and then how can I help you. We say, please call Mike Rockwood at for getting an important message regarding the loan number. It would be kind of fun to try. Okay, so that’s what I do, a once weekly phone call, a once weekly fax, and try to make actionable items on both of them. Then I do another thing, and I don’t say I do this every month but I bet I do it every three weeks or so. I send a qualified written request and I’ve gotten kind of diligent with this because I think this keeps moving things along.
So, once a month over the course of loan modifications, I might do this like four times over the course of a loan mod and I probably do it like every other week, every third week something like that. I send a qualified written request and I send it to the legal department and to the laws mitigation department. You get both their faxes and send them a QWR. Now, you all know what the QWR is. It’s a qualified written request, a guaranteed method of communicating, guaranteed under section 6 of the Real Estate Settlement Procedures Act.
And that guarantees or holds the lender accountable to responds to you to acknowledge your request within 20 days into formally respond to within 60 days. But the truth is the lenders are a lot better at it and they actually do respect the qualified written request methodology. So if you don’t abuse it, you get pretty fast responses like two or three weeks. Usually the 20 days, they just come up to with an answer. These are the kinds of things I ask. I have, like, four of them that I just keep cycling.
The first thing I ask is, whenever I submit a loan modification, I personally submit a do-it-yourself forensic loan audit. It’s a forensic loan audit light and it just identifies violations that I think took place and it kind of puts in the lap of the lender. It says, listen, you know I’m not a lawyer but these violations happen. Please investigate them and tell me if they’re significant and if I should hire a lawyer, if I need to hire a lawyer to talk to you about them. Now, I know that’s a little bit hooky but I like to have a forensic loan audit on file. I like to be communicating with legal and I think qualified written requests send, especially with the forensic loan audit, they set a tone of seriousness about this loan modification. I can’t say for certain that this is a secret formula that helps me get through the loan modification but it’s something that I do routinely and I do get good loan modifications. So you put two into together.
Next, qualified written request might be to ask for the name of the investor on this loan and whether or not they accepted TARP funds. Now, you guys all know that if they did accept TARP funds, they have to modify. They have to agree to modify – they have to participate in modification programs specifically the HAMP program. Now, I never get a response that answers the question whether or not they accepted TARP funds but I keep asking it. But I always get a fast response on who the investor is. And you want that information anyway because, you know, you often get turned down because, oh, your investor isn’t modifying. Well, then, you have to take the step to find out who that is and then you investigate, you know, you just Google it and figure out whether or not they took TARP funds and then you just bounce it right back to Bank of America who always does this and tell them, wrong, thanks for playing but you’re wrong. Go back to the investor, you know do your work.
The third qualified written request that I might send is I ask for a verification of whether Fannie Mae, Freddie Mac, whether or not this is VA loan, I know that’s kind of a dumb question, and whether or not there’s private mortgage insurance on this loan. I ask those questions and they respond and you want to know that information anyways. You might know the answer to it but you just want verification, okay. The last one I ask if I’m kind of done with those three and I might ask the forensic loan audit twice during the course of the loan. And then another one is to ask for a transaction record even though it’s not required that you send a qualified written request to get that. It’s just another reason to send a qualified written request.
So, really there are three things that I do to follow up. I call, I fax, and I fax qualified written requests. And the qualified written requests go to legal and loss mitigation. The calls go to loss mitigation only and the faxes go to loss mitigation only. Be sure you’re not faxing the customer service. You don’t want to be – never fax it in imminent default department. That’s a sham. And I try to avoid special departments like – they all seem to have home affordable, home retention, homeowners’ hopefulness, heaven, you know, I mean it’s just blah blah.
So try just to go to the departments that are actually doing work and remember the goal of all your followup is to keep your file moving because remember, we all believe in inertia with our files. Once they stop, they stay stopped for awhile. So keep them moving. I love to, you know, like very often in my calls, I’ll uncover the fact that they just sent us, you know, just this morning – well in fact just today, they read me an interim file that had been entered this morning. What was it? They have rejected the modification because the homeowner had too little income and this happened today.
So later that day I called in and I said listen, let’s – I asked some question, they got file open. They said, oh, there’s a note on the file that it was rejected this morning for too little income. So I said geez, open the file up right now and let’s just compare notes. It turns out they had entered net income where they should have entered gross income. I believe – I honestly believe that was the only problem that in fact it was a typo and that in fact they think that the borrower had $1,000 less income per month than he actually does. And so, there just by good follow up, I cut probably a week or even 10 days out of the cycle because this customer is in Hawaii. He would have gotten his letter from B of A in wherever this outfit I think is Dumont, this loss mitigation team, so they would have gotten that. You would have gotten that a week later. He would have called me and I would have gotten on the phone. So, I shaved, you know, a week off just by being diligent. So, your goal is to keep it moving to uncover problems as they arise and that’s the best way to do it. What do you think about that?
Ryan Rockwood: Well, it’s actually some pretty good tips.
Mike Rockwood: They sure are. You didn’t sound convinced
Ryan Rockwood: I’m pretty useless in this call today but …
Mike Rockwood: OK, do you want to do the computer?
Ryan Rockwood: Yes. And you know what Helen Rippa [phonetic] is on the call.
Mike Rockwood: Get out Helen.
Ryan Rockwood: Yes. Isn’t that great? She got out of the hospital.
Mike Rockwood: Helen, I hope you are feeling well. Holy cow, you’ve been through the ring.
Ryan Rockwood: But that’s a long time.
Mike Rockwood: Yes.
Ryan Rockwood: All right. Well, we can’t take questions today.
Mike Rockwood: Well, yes. But I got these questions.
Ryan Rockwood: Oh, you pre-got the questions [phonetic].
Mike Rockwood: Yes, I got like six of them.
Ryan Rockwood: All right, let’s do it.
Mike Rockwood: Okay, this is supposed to be loan mod questions everybody but I got a short sale. Well, I’ll answer it quickly. “I’m trying to buy the home that I rent from my friends and landlord and the home is in terrible condition. How can we get the lender to accept a low enough price to make it worthwhile?” And this is from Chris. And Chris, I do know Chris’s situation and it is like a $100,000 in terrible condition. So, Chris, what you’re going to have to do is first of all I would submit a short sale application for the price that you’re really willing to pay. The bank will because they do this before they even do any homework. They order a BPO and then what I always do is I meet the BPO guy at the house, at the property. He has to call me as the short sale agent. He has to call me to schedule it. So for you, you just be sure you’re there when the BPO agent comes to do the walkthrough and the BPO.
You want to provide him with all kinds of photos and if you’ve got him, why not provide him with copies of the estimates and then, I always provide them also with the poop sheet. And the poop sheet has all kinds of poop on it. They’re from the yard but from the neighborhood. I search for number of sex offenders that are living nearby. I search for recent crimes statistics. I search for number of vacant homes, number of foreclosed homes. I try to paint as ugly picture about the very close vicinity as possible because very often this BPO guys are real estate agents but they come in from another county or from another part of town. So you want to be sure they have all the worst crap about the home, okay.
Ryan Rockwood: And once you convince him about how crappy the home is and the neighborhood then, you can tell him why you don’t want to live there.
Mike Rockwood: Yes. Yes. Then, just could really try to tell a lie.
Ryan Rockwood: You can ask to say that. All right.
Mike Rockwood: Next one is Al. I’m only one week from close – oh man, short sale stuff. Sorry, everybody. “I’m only one week from closing on a short sale that I worked on for almost a year. Now, we have learned that the last month that the lien was recorded on a default judgment on an unpaid credit card debt and the collection of attorney says he won’t accept anything but full payment. Any ideas how we can still close this deal?” I absolutely do, Al. I have good ideas.
One is if he really – keep in mind now that that attorney is going to lose the lien because it’s going to be stripped off if it goes to foreclosure. So they’re not going to have the lien on the property to use to try to collect from the seller. This gets a little bit complex. I hope you guys can follow me on this one. So they’re going to lose a little bit of leverage that they have in order to make the collection so that the attorney does have something to lose if the short sale falls through. However, they can still pursue, you know, if they have the judge, you know, they have a judgment so they could still pursue a levy on some other assets that he has or they could garnish his wages. So while it is worse for them, it’s not terrible. You could go back to the bank and ask the bank to pay it. In other words, if the seller just hasn’t got the money to pay the judgment or the lien then you can ask the short selling lender to accept it and we’ve successfully done that in the past. We’ve also been successful in getting the short sale lender to agree to pay a portion of it. Like if the homeowner can bring a $1,000 can the short – the lender who approve the short sale, can he kick in another 1,000 or 2,000 to pay off the lien whatever it is.
Another option is to ask the attorney if he’ll accept the partial. In other words, if he can accept a $1,000 from the seller and release the lien but not – except to this payment in full so they still have the right to pursue things with the seller. So you do have some tricks up your sleeve. The one thing you’re going to have to watch is you want to be sure not to violate the terms of the short sale agreement. You know, the bank that is accepting, you know, the forgiven amount, the short amount probably stipulate – certainly stipulated in their acceptance letter that no money can go to anybody else in this transaction except through escrow and except to them, of course, because they are the ones that are losing all the money, so you want to be real careful about not violating that agreement.
All right. All right. All right. Here’s another comment from Tammy about – I’m sure all of you by now have seen that Indymac video about, you know, the two guys talking a about what a rip off that whole Indymac thing was. Well Tammy wrote to us a couple weeks ago after she saw it and she said, listen, I think we should all just stop paying Indymac like for 30 days or just as a way of protest. Well now, she wrote in and she said now she reads that the billionaires that bought, you know, the One West group, the guys who bought Indymac, they’ve already recouped, already profited by 1.5 billion and that the government still has guarantees on Indymac loans of 11 billion. So the rip off just continues. She just writes in and says, listen, we really should try to get some momentum going for a stop payment action against Indymac.
Ryan Rockwood: What I’d like to make something for like no mortgage march or something.
Mike Rockwood: Yes.
Ryan Rockwood: That sounds cool to me.
Mike Rockwood: Yes.
Ryan Rockwood: But it kind of came up too fast and we were busy so now, we have to wait for next year because I can’t think of anything to rhyme with the next couple of months that are coming on. Let’s see this. So, next year guys.
Mike Rockwood: I think people would be – because you get so many people who are so freaked out about missing a payment because of their FICO score, crazy. But let’s say you wanted to talk to millions of people. What if we all agreed to just go tell the 17th of the month or the 16th of the month so that, yes, we all incur a little late fee but we didn’t get reported to the bureaus and try to get millions of people to do it.
Ryan Rockwood: Okay.
Mike Rockwood: Like, let’s boycott the Indymac, June 1st to June 15th.
Ryan Rockwood: Well the other thing is that they would make millions off of late fee, you know.
Mike Rockwood: Yes. That is ironic.
Ryan Rockwood: All right. Looking good?
Mike Rockwood: Yes.
Ryan Rockwood: All right, let’s wrap it up.
Mike Rockwood: Oh, no. I do have to mention about short refi’s. We did get a question about short refi’s. We mentioned it last week and we did have a great …
Ryan Rockwood: Earlier this week.
Mike Rockwood: Was it Tuesday?
Ryan Rockwood: Yes.
Mike Rockwood: Okay, so we mentioned it on Tuesday and we did have a great meeting and we are more than just a little bit excited about this new product that’s coming down that will be available like, I mean, like now through us, through a San Diego based financial institution that is, in fact, a short refi. It allows homeowners to stay in their homes.
Ryan Rockwood: Well, here’s how it works. First of all, you’ll only – there are a couple of things that it does and it’s four people who, you know, are looking at a loan modification or a short sale or something like that. And it doesn’t look exactly right. You know what I’m saying? Isn’t there a way, I could get rid of those over the mortgage balances. Isn’t there a way that I could stay in the home?
Mike Rockwood: Yes.
Ryan Rockwood: And go through all these, you know, if I’m going through all these pain, why would I have to leave the home?
Mike Rockwood: Yes.
Ryan Rockwood: So, here’s the deal. Currently as like a couple of hours ago, we’re among the first to be able to offer this in the U.S. I think, and we can only offer it in a couple states, California
Mike Rockwood: Nevada.
Ryan Rockwood: Is it Arizona?
Mike Rockwood: Arizona.
Ryan Rockwood: Give me all the others.
Mike Rockwood: And Hawaii.
Ryan Rockwood: Hawaii.
Mike Rockwood: So, we’re all in the southwest.
Ryan Rockwood: So, if you’re not in those states, you can just tune out mentally now. But if you are in those states and your first mortgage is valued at approximately 120% of the property value, in other words, your property is worth 100,000 and your first mortgage on the property is 120,000, right.
Mike Rockwood: Yes.
Ryan Rockwood: So if your property has declined by that much, you also qualified and you have to be 60 days late. Of course that’s something you can you know work on.
Mike Rockwood: If you can take care of that in 60 days.
Ryan Rockwood: Yes. So, if that’s the case, what is this new program offers and this will blow your mind and it doesn’t matter if your second, third, it’s all good. It will get rid of everything including the first mortgage. And what we’ll be able to do is refinance you at $100,000 negotiating deals with the first, the second, the third, wiping them all out and getting you that note for 95.
Mike Rockwood: Right.
Ryan Rockwood: 95% in today’s market value. So, your new mortgage would be $95,000 and your interest rate is 6.5 for two years. Now, the goal of these guys is for you to refi out in the first two years or something like that. So the way they have it – the way we – the best interest rates we can do for you are 6.5 interest rates for the first two years. Then, it jumps up pretty significantly something like 8.
Mike Rockwood: Yes.
Ryan Rockwood: And then, very significantly after five years to 10. I mean you have to refinance.
Mike Rockwood: Yes. You have to refi out of it.
Ryan Rockwood: But the good news is by then your credit is in great shape, you can refinance out of it.
Mike Rockwood: And you’re only indebted of the value of the darn home instead of significantly underwater. So, it is the elegant solution that we have been looking for many, many, many months. You know, we’ve all thought somebody is going to figure out a way to do this because we shouldn’t just be relying on the foreclosures and short sales to help bring the market values to these homes bring it back.
Ryan Rockwood: But then think about it too. If you were to, let’s say worst case scenario – well, whatever. It’s a fantastic deal, a way [phonetic] to write down the value. But what I was thinking is what if it didn’t go so well and you didn’t get that job back, you didn’t get back whatever on your feet or whatever, and then you had to short sell in about two or three years. Well, the short sale would be a piece of cake to get approved because you’d only be …
Mike Rockwood: You wouldn’t be very short.
Ryan Rockwood: Yes.
Mike Rockwood: Yes.
Ryan Rockwood: If at all.
Mike Rockwood: So, this is a beautiful new program we call it a restructure. It is what we had been referring to it as a short refi. And you’ll learn. Get more information on our site or if you’re interested right away to move forward, just send us …
Ryan Rockwood: An e-mail.
Mike Rockwood: An e-mail at help@60minuteloanmodification.com. We’re sorry we did not cram through a lot more questions tonight. That’s kind of our commitment is to get through a lot of questions. Sorry about that. We’ll pick up right where we left though on Tuesday and talk to you next week. Good luck everybody. Goodnight.
Ryan Rockwood: See you. Thanks so much. Congratulations. Bye–bye.
