I just received a copy of my latest book, Loan Modification For Dummies, which I co-authored with real estate and foreclosure self-defense specialists, Ralph R. Roberts, Lois Maljak, and Paul Doroh.
While I knew we were publishing a smaller book – 9.3-by-6.1 inches and only 288 pages, rather than the standard 9-by-7.4 inches, 360-384 pages – I really didn’t fully envision the look and feel of the book until I held it in my hands. I was pleasantly surprised. The decision to take a “less is more” approach was right on target. People facing foreclosure don’t have a lot of time to trudge through a massive manual to find a solution to their problem. Loan Modification For Dummies delivers the answers as fast and straightforwardly as possible, showing homeowners how to work through their lenders to…
- Keep their home.
- Lower their monthly mortgage payment to a truly affordable level.
- Pay significantly less for their home over the life of the loan.
One of the most interesting things I learned while co-authoring this book is that leading up to the mortgage meltdown, many loan originators and lenders were involved in very irresponsible and often fraudulent practices in selling mortgage loans and getting them approved. They were approving loans for borrowers knowing full well (through their own underwriting guidelines) that the borrowers would never be able to afford the payments.
I’ve heard many people argue that borrowers should have known better – they should have known what they could and could not afford to pay on a monthly basis. However, I think it’s understandable. Many borrowers met with loan officers under the assumption that nobody in their right mind would approve a loan that the borrowers could not afford. They assumed that loan approval equated to affordability. Unfortunately, loan originators and lenders were not in their right minds – greed clouded their judgment to the point at which no checks and balances were in place to control borrowers’ desires.
Yes, people should not take out loans they can’t afford, but banks should not loan money to people they know are likely to default.
Fortunately, borrowers who can prove that loan originators or lenders acted inappropriately in selling them a loan or approving it can use any proof they have to their advantage in negotiating an affordable loan modification. In Loan Modification For Dummies, we explain the rules and regulations in place to protect borrowers, show how to audit a mortgage loan, and provide guidance on using proof of fraud or misconduct as leverage in negotiating a loan modification to save your home from foreclosure.
If you need the book, I feel sorry for your misfortune and truly hope that this book can help you overcome your setback and regain your financial footing.
For more about the book, including links for ordering a copy online, visit Loan Modification For Dummies.
If you’ve read the book, please post a comment to let me know what you think of it along with any details you’d like to share about your experience in obtaining a loan modification.
