Common Loan Modification Problems

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

Ryan:Also, the question about people subsidizing your mortgage. That also applies to others too. Spouse, girlfriend, and consider if your spouse isn't on the loan you can do something like that too, right, in calculating that.

Mike:Yes, that's the beauty of when one's spouse is on the mortgage, let's say they both make $5000 month. Only one is on the mortgage. And household income needs to be $7500 a month in order to qualify for the loan modification. Well, guess what? I would highly recommend to you that you get the spouse that is not on the mortgage to agree to write a letter saying that he or she is willing to contribute $2500 a month toward household expenses.

Ryan:Is that necessary or do you just need to put her on the budget? Would you do it that way?

Mike:I would put her on the budget but I would put it, they're going to ask for verification of income if you just put her income on the budget so if you put the letter of contribution and then that limits the amount that they can expect from that person, the second party.

Ryan:Okay, new question. Doug, do you need to call and speak to your lender about a loan modification or can you just send all the paperwork by mail?

Mike:Oh, good question.

Ryan:A couple things. One, the only people you only really have to talk to are extremely low level minions and then eventually -

Mike:You have to get the minion's opinion.

Ryan:Yes. And then you have to eventually talk to the negotiator but is there a way you could just correspond by --

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