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[Below is an excerpt from a live loan modification teleconference]
Mike: Here's a good example. About half an hour ago, Ryan and I got off of a one hour conversation with a client, a new client, who is grossly overspending, living way beyond their means and has just come to realize it and was seeking our help to see if they could get a loan modification. Well, as we went through the budget it was clear. I mean these guys weren't even close. I mean, they were like, was it $6,000 a month they were overspending their budget, Ryan?

Ryan: Well, I think you should back up a little because most people will think well this means that they have too much money to qualify for a loan mod and can't get a loan mod.

Mike: Okay, so the situation is if they had to put together their own budget, called the lender and read off to them the things they read off to us they not only would not qualify for the loan modification -- not only would have been no, it would have been hell, no. And we're sending a vice squad out to figure you guys out. You're in real trouble. So we counsel them about discretionary items. You know, your $500 golf membership. The bank will disallow it. They consider that discretionary.

So if you want to share that with them that's your thing but we gotta explain to you that they consider that discretionary. And they need to see on your budget how you make it every month. And whether in fact you make it by using your credit cards or spending money that you borrowed from your 401k or spending down your inheritance, whatever it is, what they're interested in how do you make ends meet with the income that you've got?

Ryan: What I want to stress, though, is that, and I don't think that you've been clear enough just now. Most people come to us and think they don't have a hardship and make too much money to get a loan modification.

Mike: Very true.

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