Loan Modification For Dummies^®

by Ralph R. Roberts; Lois Maljak; Joe Kraynak (Indianapolis, IN)

• ISBN13: 9780470555330
• ISBN10: 0470555335
• Format: eBook
• Copyright: 2009-07-01
• Publisher: For Dummies

Summary

The crucial information you need to secure a reliable loan modification and save your homeBehind 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 sideRead Loan Modification For Dummies and start saving your home today.

Table of Contents

Introduction

Getting Up to Speed on Loan Modification

Keeping Your Home by Modifying Your Loan

Taking Stock of Your Situation

Evaluating Your Options

Deciding Whether to Team Up with a Pro or Fly Solo

Kick-Starting the Process: Applying for a Loan Modification

First Things First: Contacting Your Lender

Gathering Facts, Figures, and Documentation

Knowing What to Ask For

Preparing and Submitting Your Application

Keeping the Process on Track and on Time

Hammering Out the Details with Your Lender

Discussing Loan Modification Scenarios with Your Lender

Evaluating Your Lender's Initial Offer

Negotiating a Better Deal

Dealing with an Uncooperative Lender

Brushing Up on Your Legal Rights

Auditing Your Mortgage Loan

Applying Some Legal Pressure

The Part of Tens

Ten Tips for Long-Term Success

Ten Common Loan Modification Myths

Appendixes

Resources

Glossary

Index

Table of Contents provided by Publisher. All Rights Reserved.