$20 could save your home

Image courtesy of Wiley.

Book Review
Title: "Loan Modification for Dummies"
Authors: Ralph R. Roberts and Lois Maljak
Publisher: Wiley, 2009; 288 pages; $19.99

The subprime, housing and foreclosure 3-in-1 crisis combo meal has spawned a new mortgage vocabulary, the star member of which is the phrase "loan modification," which refers to any change(s) to a mortgage loan's payment or other terms, ostensibly intended to help a distressed homeowner hold onto a home.

It sounds simple, but intrepid homeowners who have braved the labyrinthine bizarreness of a mortgage servicer's loss mitigation department during the odyssey that is a loan modification application process know otherwise.

It's surprising, then, that very few comprehensive how-to books are devoted to demystifying and illuminating the loan modification process for the literally millions of homeowners whose inquiring minds would like to know.

The call of the wildly clamoring masses (OK, that was a little overly dramatic) has been answered by Realtor and foreclosure expert Ralph R. Roberts and his "second in command," Lois Maljak, with their new book, "Loan Modification for Dummies."

"Loan Modification for Dummies" is a thorough, realistic and useful tool and resource for homeowners hoping to convince their lenders to change the terms of their loan. Whether you are just looking to decide whether you're a good candidate for a loan mod, are trying to figure out whether to hire help with the project (and who to hire), or if you're looking for a soup-to-nuts Do-It-Yourself guide to loan modification, this book lives up to the For Dummies series slogan of "Making Everything Easier!"

The book respects the complex nature of its subject matter, dividing its approach into five parts. The aim of Part I is to get the reader "Up to Speed on Loan Modification," giving a basic definition of loan modification, explicating the process and how to expect it to unfold, helping readers assess their current situation and whether other options for resolving a hardship might be more appropriate, and walking readers through the process of deciding whether to hire the project out or go solo.

(Hint: hire. "Hiring a skilled professional almost always delivers better results than trying to get your loan modified yourself.") ...CONTINUED

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.