Loan Modification For Dummies
Loan Modification for DummiesLearn to:Modify your loan, lower your monthly payment, and keep your homeAssess your needs when facing foreclosureReduce and fix your interest rateHave delinquency fees and penalties waivedRalph R. RobertsLois MaljakConsumer advocates and authors of Foreclosure Self-Defense For DummiesSecure a reliable loan modification and save your homeBehind 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 peopleSubmit a successful application — contact your lender, gather key documents, assess your needs, and prepare an effective hardship letterNegotiate like a pro — explore different loan modification adjustments, analyze offers, spot red flags, and strategize to get more of what you wantDeal with uncooperative lenders — know your legal rights, audit your mortgage loan, uncover predatory lending practices, and use proof of violations to get a modificationGet the assistance you need — know when to contact your lender, a consumer support agency, a federal agency, or your state attorney generalRemember that you're not alone — read about the real-world experiences of other homeowners who faced foreclosure and avoided it with a loan modificationOpen the book and find:Loan modification explained in plain EnglishProactive, forward-thinking adviceReviews of foreclosure alternativesTips for securing the best terms and lowest monthly paymentWays to keep the modification process on track and on timeResources for obtaining low-cost third-party assistanceHints for leveraging your legal rightsAdvice on avoiding the foreclosure trap again