Loan Modification for Dummies

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