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[Below is an excerpt from a live loan modification teleconference]

Ryan: How does that work? So he's got a fixed loan but it almost sounds like he has a (inaudible) loan.

Mike: No, he's got a interest only for a period of time. I think you're a real strong candidate and I would recommend in your hardship letter and in all your correspondence with the bank talk about your distress about the fact that that's, maybe it's a year away but it's still, it's pending. It's imminent. It's not far away so I would use that and yes, you very likely will get a modification. It's likely not to help your monthly payment all that much because they will want to take you to a low interest fixed rate 30 year with principal and interest.

But what I would recommend that you argue is that you need, because of your hardship you need lower payments for a couple of years. And what I always say is it's always best to say little. Just tell them that you really need relief in the near term and kind of leave it up to them as to how they craft it. But now, I wouldn't be concerned. You'll get a modification.

Ryan: It says, what are my changes? Yeah, the only problem, the only thing we can't tell him is whether or not he's going to walk out with, say he got a three percent loan, he could maybe increase his monthly payment. That would be pretty lame. But a three percent loan is killer so it is all relative. Now, if that's not going to work for you, maybe a loan modification isn't for you. Is that correct, do you think?

Mike: Yeah, but I bet he'll be surprised. I bet he'll do real well.

Ryan: Okay. Got another email question here. It says Winfred Scott in Michigan asks, when preparing my profit loss statement and gathering my bank statements what do I do about money that was gifted to me by my parents to assist us during the periods of personal financial struggle? Will I need letters from them to verify where the money came from? Well, that's a common thing because when we're broke, got to call the folks. I know I do. And so the good news is the mortgager cannot ask, well, they could ask but they are not going to get your parents to continue to pay that money for your mortgage so I wouldn't worry about it at all.

Mike: Ryan, do you think he's referring to this money that's being given to him as a contribution letter that his parents wrote to the bank in his loan modification process?

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