Loan Modification for Dummies

Loan Modification For Dummies: The crucial information you need to secure a reliable loan modification and save your home.

Behind on your mortgage payments? Worried about losing your home? Don't panic. Loan Modification For Dummies (ISBN-10: 0470501995, ISBN-13: 978-0470501993) gives you the reliable, authoritative, easy-to-understand guidance you need to apply for and secure a loan modification that lowers your monthly house payment and keeps you in your home.

This practical, plain-English guide leads you step by step through the loan modification process, from contacting your lender to applying for a loan modification, evaluating the lender's initial offer, and negotiating a modification that lowers your monthly payment while helping you catch up on any past-due amounts. You'll learn how to communicate with your bank or loan servicer, recognize and avoid loan-modification scams, and find a knowledgeable loan modification specialist, if you choose not to do it yourself.

  • Advice on determining whether you're likely to qualify for your lender's loan modification program
  • Guidance on preparing and submitting a loan modification application that improves your chances of success
  • Helps you figure out a monthly payment you really can afford
  • Tips on modifying your loan even when you owe more than your home's current market value
  • Negotiation advice for securing the best possible terms and lowest monthly payment
  • Resources for contacting your lender, obtaining free or affordable third-party assistance, and getting government agencies on your side

Read Loan Modification For Dummies and start saving your home today.

From the Back Cover

Loan Modification for Dummies

Learn to:

  • Modify your loan, lower your monthly payment, and keep your home

  • Assess your needs when facing foreclosure

  • Reduce and fix your interest rate

  • Have delinquency fees and penalties waived

Ralph R. Roberts

Lois Maljak

Consumer advocates and authors of Foreclosure Self-Defense For Dummies

Secure a reliable loan modification and save your home

Behind on your mortgage payments? Worried about losing your home? Don't panic. This practical, hands-on guide shows you how to apply for and secure a loan modification that will lower your monthly payment and keep you in your home. You get step-by-step guidance in working with lenders, evaluating offers, negotiating, avoiding scams, and maintaining your financial health.

  • Prepare for the loan modification process — take stock of your situation, determine whether you qualify, evaluate your options, and team up with the right people

  • Submit a successful application — contact your lender, gather key documents, assess your needs, and prepare an effective hardship letter

  • Negotiate like a pro — explore different loan modification adjustments, analyze offers, spot red flags, and strategize to get more of what you want

  • Deal with uncooperative lenders — know your legal rights, audit your mortgage loan, uncover predatory lending practices, and use proof of violations to get a modification

  • Get the assistance you need — know when to contact your lender, a consumer support agency, a federal agency, or your state attorney general

  • Remember that you're not alone — read about the real-world experiences of other homeowners who faced foreclosure and avoided it with a loan modification

Open the book and find:

  • Loan modification explained in plain English

  • Proactive, forward-thinking advice

  • Reviews of foreclosure alternatives

  • Tips for securing the best terms and lowest monthly payment

  • Ways to keep the modification process on track and on time

  • Resources for obtaining low-cost third-party assistance

  • Hints for leveraging your legal rights

  • Advice on avoiding the foreclosure trap again

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