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 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.
Part I: Getting Up to Speed on Loan Modification.
Chapter 1: Keeping Your Home by Modifying Your Loan.
Chapter 2: Taking Stock of Your Situation.
Chapter 3: Evaluating Your Options.
Chapter 4: Deciding Whether to Team Up with a Pro or Fly Solo.
Part II: Kick-Starting the Process: Applying for a Loan Modification.
Chapter 5: First Things First: Contacting Your Lender.
Chapter 6: Gathering Facts, Figures, and Documentation.
Chapter 7: Knowing What to Ask For.
Chapter 8: Preparing and Submitting Your Application.
Chapter 9: Keeping the Process on Track and on Time.
Part III: Hammering Out the Details with Your Lender.
Chapter 10: Discussing Loan Modification Scenarios with Your Lender.
Chapter 11: Evaluating Your Lender’s Initial Offer.
Chapter 12: Negotiating a Better Deal.
Part IV: Dealing with an Uncooperative Lender.
Chapter 13: Brushing Up on Your Legal Rights.
Chapter 14: Auditing Your Mortgage Loan.
Chapter 15: Applying Some Legal Pressure.
Part V: The Part of Tens.
Chapter 16: Ten Tips for Long-Term Success.
Chapter 17: Ten Common Loan Modification Myths.
Part VI: Appendixes.
Appendix A: Resources.
Appendix B: Glossary.
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.