Do It Yourself Loan Modification Kit
You’ve just gotten off the phone with a loss mitigation representative from your lender and you are more confused, frustrated, and lost than you were before the conversation started. The representative has just rattled off a bunch of financial jargon, notice of default, deed-in-lieu, bail out loan, and forbearance, all of which means nothing to you because you do not know what any of them mean or do.
This scenario is typical for most borrowers trying to negotiate a loan modification without the necessary knowledge. Your Basic Guide to Do it Yourself Loan Modification is the perfect partner to have when negotiating a loan modification. The glossary provided in the back of the manual describes each term using lemans language so that anyone can understand. In addition, the manual describes each option the bank is likely to offer (deed-in-lieu, short sale) and not likely to offer (loan modification in the form of reducing principal balance or interest rate reduction).
You need to be informed before you enter into the negotiation process with your bank. Your Basic Guide to Do it Yourself Loan Modification helps you to prepare a well organized loan modification package so that you are well informed and prepared when entering into negotiations with your bank. What borrowers fail to remember is that many banks are in the position to provide loan modifications as a result of the Economic and Housing Recovery Act of 2008. This Act allocates $700 billion to provide relief to borrowers who are struggling to keep their home. You have options, so explore them before you accept the first offer the bank makes, which may not be in your best interest.
