We've put a list of 'Do It Yourself' guides and e-books together as part of our research on good sources that can help you in the modification process.
Here is what we found:
1. The Ultimate Loan Modification Guidebook, which was just updated with the FDIC Loan Modification Guidelines and Analysis.
2. We also reviewed this Do it Yourself Loan Modification Kit, which is very helpful and is constantly updated. It will show you simple, step-by-step, and easy to follow instruction on:
Whether A Modification Is The Right Choice For You!
The 4 Easy Steps To A DIY Loan Modification!
The 2 Critical Parts Of A Loan Modification!
A Complete Explaination Of The 'New' Obama Plan!
The Right Way To Negotiate With The Lender!
How To Lower Your Interest Rate To A Level You Can Afford!
How to Eliminate Fees, Penalties and Past Due Balances!
List of Phone Numbers To Numerous Lenders' Loss Mitigation Departments!
There are a few more resources available that we have not reviewed yet. However, for the purpose of completion, we at least want to list those here as well:
- The Ez Loan Modification Hero. Learn exactly how to save your home by modifying your loan. A mortgage industry veteran and loan modification expert gives you all of the information, instructions, tools, worksheets, sample forms and sample letters that you need to save your home.
- The Loan Modification Kit. Learn how to present your modification to the bank so they will approve your request the first time. VERY EXPENSIVE e-Book!!!
Why You MUST Do Your Loan Modification Yourself
Don’t be fooled! Before I decided to do my loanmodification myself, I almost hired a so-called “loan mod consultant…” butthank goodness, I learned the truth first!
Here are the scary facts of loan mod firms:
Many loan modification firms were started by subprime mortgage brokers who were out of work.
These hucksters know very well that they’ve only got 6-12 months before banks stop accepting loan modification requests, so their goal is to get as many customers (and as much money) as they can right now.
They’ll often charge a ridiculous $3,500-4,500, and once they’ve got your money, their focus is on getting more customers, not servicing their existing ones.
On the rare occasion when a loan modification firm is successful, they almost always accept the first offer the bank suggests—this is crazy! The bank’s first offer is almost never their best offer, so even if you do get your loan modified, you could still be getting screwed long-term.
Loan modification firms use cookie-cutter template letters and legal speak that sends up red flags at many banks. Remember, your lender is under tremendous pressure from the government and the media to help individuals like you, not fast-talking lawyers or consultants.
In California, there are currently only 14 certified loan modification consultants yet over 1,000 companies offering loan modification services-do the math. Most firms are operating illegally in California, and the same is true in every other state as well.
