Loan Modification For Dummies (For Dummies Series) - Softcover

Roberts, Ralph R.; Maljak, Lois; Kraynak, Joseph

Softcover

ISBN 10: 0470501995 ISBN 13: 9780470501993

Publisher: John Wiley & Sons, 2009

Synopsis

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 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.

About this title

About the Author

Ralph R. Roberts is a nationally recognized expert in the fields of loan modification, foreclosure self–defense, and real estate and mortgage fraud prevention, as well as an award–winning author. Lois Maljak is coauthor with Roberts of Foreclosure Self–Defense For Dummies.

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

Edition details

• Publisher: John Wiley & Sons
• Publication date: 2009
• Language: English
• ISBN 10: 0470501995
• ISBN 13: 9780470501993
• Binding: Paperback
• Edition number: 1
• Number of pages: 288