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[Below is an excerpt from a live loan modification teleconference]
Ryan: I got a Countrywide packet too so I can email that to you and you don't have to wait for it. Alright, so good. Please email us. We'll blast through that and we'll give you a good half hour, hour conversation or you might just feel confident enough after talking to us to go for it. So anyway, no obligation or anything. Thanks a ton, Star.

Okay, I got a couple email requests here. And I hope that we can just blast through them. Perry in Florida has been told that $800 month is the lowest his lender can go. He's in the process of a loan modification now. He wants to get down to $600. What should he do? The offer is $800. He wants to get down to $600.

Mike: Well, you know, the truth is, Perry, in the last couple of months, and certainly since March 4, it seems like the lenders have gotten less and less open to negotiating. We've been less and less successful getting additional concessions. So that has always been our mantra, never accept that first offer, negotiate for better. But our routine has always been to get that offer of $800 and immediately submit a qualified written request asking for two things.

So fax them immediately. Thank them profusely for the $800 offer and tell them that that might just be able to help you save your home but you're still unable to commit to that. You could commit to $600. Is there any program that you could qualify for that could get you to $600 because you really know what you're talking about and $600 is the magic number. In the same qualified written request, ask them to itemize all fees and all costs that are associated with your loan. That'll kill two birds with one stone.

Ryan: You know, I'm realizing form the way this is worded he says is the lowest his lender can go. I don't know. Maybe Perry doesn't actually have a loan modification yet. And in which case you got to get the $800 loan modification first. Right, cause that sounds like something they might say over the phone. No, we can only go with $800, do you want to go further? Right?

Mike: I doubt it. Perry, email us further information but just go back to them in a written request. This definitely has to be written so fax it right away and remember there's a deadline on their offer. Don't go beyond that or you'll be starting over again.


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