Mary Salzer

  

Only thing that you can do is call, call, call and fax, fax, fax...stay proactive and find out what they are doing at every step of the way. The biggest thing is not to be underwater on your monthly income to debt analysis and not to be so liquid at the end of the month that they can not figure why you are making the request....i.e. 700.00 left over at the end of the month after everything is paid. We have no formulas for this process, only a general idea that you need to be around 150.00 to 250.00 left over at the end of the month. Some of them are allowing an underwater figure....go figure, but they adjust the payment to accommodate that issue and resolve it. Citi does not appear to be one of them allowing the underwater situation...at least so far.

So, please stay proactive, do not wait for them to contact you, they will not and if they do it is generally bad news....well not always, some of the modifiers and negotiators are good professionals, but few and far between.

They decline you the first time out of the starting gate, ask again, they are approving a lot of them on the second go round....all in the luck of the draw and the investors' changing attitude about modification.