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Momentum For Life - The Light At The End of the Loan Modification Tunnel

Jul 21, 10

In This Issue

A Note From Dan

The Light At The End of the Loan Modification Tunnel

Satori Recommends: Entrepreneurship 2.0

A Note From Dan
I’ve just discovered that a normal life is AWESOME! Why? Let me explain. My son-in-law competes in desert racing in his Class 8 truck. Just this past weekend, he participated in an annual Nevada competition that takes place at night. The race began Saturday evening at 7 p.m., and he finished in second place at 12:32 a.m. Sunday.

If that doesn’t sound normal, it’s not. Before they left for Nevada, he and our daughter dropped off our 19-month-old granddaughter Liah, whom we babysat until their return on Sunday night.

I raised three children and honestly don’t recall them being as difficult as Liah. Every routine Eileen and I have was put on hold to suit Liah. She wakes up two to three times each night, eats on the run, AND wants what she wants when she wants it. Saying no to her is not an option unless you love tantrums. Everything in our house was an object for her to discover, with little concern for spills, drops, or danger. If she was inside, she wanted to play outside. If she was outside, she wanted to go inside.

Lest this sounds like complaining, she has a wonderful laugh and her contagious smile could melt the toughest heart. We had an exhausting but wonderful weekend and will gladly do it again and again. And now our life has returned to a wonderfully awesome NORMAL.

The Light At The End of the Loan Modification Tunnel
When the housing crisis first hit, there was a chain reaction not unlike an actual train wreck. As foreclosures mounted, clogging up the tracks of lenders, homeowners in search of loan modifications started rolling in, hoping to avoid the debris up ahead but still piling up behind it. The homeowners’ requests were in many ways legitimate - they wanted to reduce the terms of their mortgage so that they would be less likely to become part of the overall wreckage.

I don’t want to express too much sympathy for banks, but they were completely unprepared for this. The same departments that traditionally handled foreclosures also handled loan mitigation, as loan modification is called in the industry. Load modification requires similar documents that an original loan does, such as income statements and credit statements, but also hardship letters. Homeowners would send these documents in, and they would disappear into a black hole. . .

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Satori Recommends: Entrepreneurship 2.0
This past week I had the privilege of being included in a special presentation put on by the UC Santa Cruz extension program. It featured Guy Kawasaki, the Macintosh evangelist and business marketing and entrepreneurial expert. I’ve always considered Kawasaki somewhat of a half-wit critic, combining a healthy dose of arrogance with some humor, so I almost didn’t attend.

But I found the one-hour presentation interesting. I learned Kawasaki’s perspective about how simple it is to build a business today. He promotes a philosophy of “do it, don’t talk about it.” His work ethic is such that 250,000 people actively follow him on Twitter, which he claims to be the best generator of business traffic if used properly and honestly.

I highly recommend this interview with Kawasaki: Guy Kawasaki - Entrepreneurship 2.0. Along with his humor, it’s filled with straight talk and some good business building advice.

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