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    The D-I-Y Loan Modification Special Report
    The D-I-Y Loan Modification Special Report
    The D-I-Y Loan Modification Special Report
    Ebook127 pages1 hour

    The D-I-Y Loan Modification Special Report

    By Jason Hartman

    ()

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    About this ebook

    Do-It-Yourself Safe, Effective Loan Modification - All In One Book! *Don't pay thousands to a loan modification company. *Includes a comprehensive multimedia training program. *We will walk you through the loan modification process step by step. *Sample hardship letter included. *Explore your options to make sure loan modification is right for you. *Complete loan modification FAQ included.

    LanguageEnglish
    PublisherJason Hartman
    Release dateSep 7, 2010
    The D-I-Y Loan Modification Special Report

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      Book preview

      The D-I-Y Loan Modification Special Report - Jason Hartman

      The D-I-Y Loan Modification Special Report

      Jason Hartman

      Published by The Hartman Media Company at Smashwords

      Copyright 2009 Jason Hartman

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would to share this book with another person, please purchase an additional copy for each person. If you’re reading this book and did not purchase it, or it not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      COPYRIGHT / DISCLAIMER / LIMITATION OF LIABILITY

      Copyright 2009 by The Hartman Media Company – All Rights Reserved.

      This publication is designed to provide general advice and education concerning the subject matter. Nothing contained in this publication should be considered personalized advice. Because every person, situation, strategy and goals are unique, you should consult with a licensed real estate broker/agent, attorney, accountant or other licensed investment advisor before relying on any information contained in this publication.

      While The Hartman Media Company, the publisher of this publication and/or its affiliates such as Platinum Properties Investor Network, Inc. or The J. Hartman Company (collectively referred to as HMC), have used their best efforts in preparing the content of this publication, no guarantee is made as to the accuracy of the content contained in this publication or the effectiveness of any strategy recommended or discussed. HMC is not responsible for errors and/or omissions that are contained in this publication.

      You understand that the outcome of an attempted loan modification cannot be guaranteed in any way and that the mortgage and real estate market can be volatile and subject to fluctuations based on a variety of economic conditions outside the control of HMC. Investing is an uncertain endeavor and the future is unpredictable even to those who claim to have exceptional forecasting abilities. With regard to real estate investments, appreciation of property value cannot be assured, actual rental income may vary from expected levels and many circumstances may change over time. During periodic down cycles in real estate, prices can and do fall, sometimes significantly. You understand that such price declines will occur and that certain real estate holding may not return to or exceed previous price levels. Likewise, rents are based on market conditions outside the control of HMC and property owners. During periods of economic downturn or recession, rents can decrease as the number of qualified tenants declines or the number of rental properties on the market expands. There can be no assurances that if rents do fall, that they will shortly return to previous high levels. HMC is NOT qualified to advise on tax or legal matters – please consult the appropriate professional for such advice.

      HMC’s sole warranty is that this publication will be readable on Adobe Acrobat readers capable of reading PDF v.1.4 (i.e. Acrobat v.5 or greater). HMC MAKES NO OTHER REPRESENTATIONS OR WARRANTIES AND SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. HMC’S MAXIMUM LIABILITY TO YOU IS LIMITED TO THE PRICE YOU PAID FOR THIS PUBLICATION. HMC WILL NOT BE LIABLE TO YOU FOR ANY LOSS, INCLUDING BUT NOT LIMITED TO GENERAL, SPECIAL, INCIDENTAL, CONSEQUENTIAL (I.E. LOSS OF INCOME, LOSS OF PROFIT or THIRD PARTY DAMAGES) and/OR PUNITIVE DAMAGES.

      The Complete Guide to Home Loan Modification

      How to reduce your payments and interest today!

      GET YOUR SHARE OF THE BAILOUT

      Contents

      How did this happen?

      Is it my own fault?

      A Revolving Door of Delinquency

      The Right Type of Loan Modification

      Getting Control of your Finances

      Are they really modifying loans?

      A Few Common Myths and Misconceptions

      The First Step: Pre-Qualify

      Should I Stop Making Payments

      When to Apply

      Loan Modification or Refinance

      What about Bankruptcy

      Last Resort Number Two: Litigation

      Loan Modification: Do I Qualify?

      Loan Modification: Why Don’t I Qualify?

      Who Owns My Mortgage?

      The Lender’s Bottom Line: Foreclose or Modify

      Foreclosures are Up

      The Foreclosure Process

      Foreclosure Moratorium

      Show the Lender…

      I Can Make the Modified Payments

      I Have a Hardship

      I Am Still Worthy Even Though I Have a Hardship

      You’ll Lose Money if You Foreclose on Me

      Should I take a hard line?

      Loan Mod Limbo: How Low Will They Go?

      Some Examples

      The NPV Test

      On Principal Reduction

      Will your payment stay low?

      When do my new payments start?

      Two Loans: What about the second?

      Crunching the Numbers

      Request Worksheet

      Uncle Sam’s Role

      What does the lender get out of it?

      Who is participating?

      What if your lender isn’t part of the Federal program?

      Trial Period

      Fees for modification

      Will the government make my lender give me a loan modification?

      Increasing your payment later on

      Increasing payments for lenders not part of the Federal program

      Step-by-Step: Lucky Thirteen How to do it Guidelines

      Step One: Gather information

      Step Two: Where do I Apply?

      Step Three: Servicer or do-it-yourself?

      Step Four: Were you a victim?

      Step Five: Delay Foreclosure

      Step Six: First Contact with Loan Modification Officer

      Step Seven: Hardship Letter

      Step Eight: Compile your Paperwork

      Step Nine: Submit the Package

      Step Ten: Negotiation

      Step Eleven: Congratulations, You Got Your Modification!

      Step Twelve: Trial Period

      Step Thirteen: Improve Your Credit

      Do you have a VA Loan?

      What if you pay PMI?

      Alternatives to Loan Modification

      Reinstatement

      FHA Partial Claim

      How does this affect my taxes?

      Debt forgiveness tax

      Top Ten Tips

      Loan Modification FAQ

      How did this happen?

      We are in the midst of a massive recession, fueled by a mortgage crisis of unprecedented proportions. Banks are getting bailouts courtesy of the taxpayer, Federal policies are changing, and new programs are being created to address this crisis.

      But in any good crisis, our first tendency is to want a few heads to roll. But whose heads? Before talking about the actual process of mortgage loan modification, it's important to know why you are in this situation to begin with. Depending on who you listen to, it is either the lender's fault, the Federal government's fault, or the borrower's fault. In reality, Wall Street, the lenders and the Federal government share about 90 percent of the blame. Regardless of who caused it, there

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