Changes in a Changing Economy

Changes in a Changing Economy

Change is inevitable. Change can be hard. Change can be good. It is how you handle it that is important.

We are going through a lot of changes and getting large stretch marks all across our bodies and mind.

We had to make some quick decisions. We moved a week ago. It took 2 days to move and 5 days to set up the office since we had to figure out the internet and phone. It is amazing how dependent we have gotten on technology. Our business was on hold for a few days. Now trying to catch up.

Things are still in boxes. Not sure where everything is located. This is frustrating. There is less closet and cupboards so constantly getting rid of stuff. There are so many papers to weed out. Unfortunately we have to keep lots of papers for tax purposes. We have so many files since we have 6 companies, each has its own receipts and tax papers.

Besides trying to navigate around the house, we are working on compiling all the forms and paperwork necessary to do a loan modification. Talk about paperwork. It is taking several days to complete the form. I think those forms was set up for a simple single family homeowner. We are looking at over 500 or more papers. I wonder who actually looks through all of it?

The information required to do a loan modification include a profit and loss statement for all the properties including lease agreements, a personal income and expense statement, 2 year tax returns both personal and business. Also required is a list of all the assets and liabilities with supporting documents which includes mortgage statements, and current tax payments.

We had to do a similar financial statement before we started with the Big Table and I think this was also presented at the Cash Machine Workshop.
Below is a general outline of a financial statement.

Income               Expenses

Assets                 Liabilities

We checked into various companies and talked to several bank representatives as well as lawyers. Check out the legal services available through and were informed that there is no need to pay any of those companies to do the loan modification for you. It is a matter of collecting all the paper work and filling out the application. Every lender will have their own paperwork and required documents so it is best to contact your specific lender.

Getting the loan modification may take anywhere from a few weeks to a few months. The important thing is to get everything together and submit it. The worst thing you can do is to do nothing or to procrastinate. Why not negotiate for lower rates and payments?


Amy Yoshimitsu
Lois Threlkeld

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