http://www.60MinuteLoanModification.com – FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the [...]

http://www.60MinuteLoanModification.com – FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more.

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

Ryan: It's not always that they're wrong either. Part of what I think people need to know is that those numbers are malleable. And like that one gal that said to me I'm not going to be on the call because Wells Fargo said that I don't qualify. Well, okay, what does qualify then? Okay, I'll call you back tomorrow with those numbers. That's not being dishonest in any way or anything, right?

Mike: Right. So here in this instance I just kept correcting their perception of me until they finally gave me a modification that really didn't help me. It kept my interest rate the same, it took all the arrears and put it on the loan, and it was just very disappointing. So I called them back.

Ryan: So you know what, I'm glad we talked about this because that's actually what most loan modifications are and if you go through most. Basically they just take the amount that you owe and tack it onto the end of the loan, the amount that you're behind. I don't know. Does that even count as a loan modification? It almost sounds like a freebie or something.

Mike: Sure. It's a forbearance or a deferral wrapped as a loan modification.

Ryan: It doesn't really sound too modified to me except that your credit isn't getting dinged every month. The bottom line is this, and let me be clear. The majority of the people that come to us called their bank to get the loan modification and the bank said sure, we'll modify it, next month just start paying $1,000 more than you were and we'll call it good in three years or something like that. Then you'll be back to your normal payment.

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