$20 could save your home

Book Review: 'Loan Modification for Dummies'

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.