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"Loan Modification Made Simple" - by Thomas Powell & Yamen Elasadi
An Insider Guide to Understanding Loan Modification And Preventing Foreclosure
Loan Modification Made Simple
- Author: Thomas Powell & Yamen Elasadi
- Course Format: eBook download
- File Format: PDF
- Pages: 135
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About the Book
Loan Modification Made Simple provides the necessary knowledge to enable homeowners to realize the power that they have
to arrive at fair terms with their lender. Most homeowners are afraid of their lending bank because they do not know
their rights. By combining knowledge with the understanding of some potential lender deficiencies – and weaknesses –
homeowners can now gain an advantage.
In a simple format, Loan Modification Made Simple explains the vital pieces of the modification and mortgage industries.
The book walks the reader through the process of precisely formatting a budget to fit investor guidelines and then
clarifies how to submit. Knowing how to structure income and expenses is among the most important parts of the loan
modification process. For example, if too much income is shown in the process, little payment relief will be realized;
if too little income is revealed, the loan modification may be denied.
One of the book’s recent additions is a breakdown of President Obama’s Home Affordable Modification Program (HAMP).
This program describes extreme modifications and is being forced upon the major banks by the government. This means
banks are looking for reasons to deny homeowners seeking to qualify under the terms of this program and take control
back from the government. This book will educate its readers and ensure the best chance to receive an HAMP modification
without the necessity of hiring an attorney.
Included with the book are all the necessary dynamic forms, exemplary proposals, cover letters and everything else a
homeowner will need to analyze their financial situation and submit a successful loan modification proposal. Thousands
of readers have already modified their mortgages using the principals contained in this book. Whether you desire to
do-it-yourself or are looking to learn about the loan modification “landscape” to identify what is right for you,
Loan Modification Made Simple will definitely enhance your outcome.
About the Authors
Thomas Powell and Yamen Elasadi wrote the first version of Loan Modification Made Simple in the spring of 2008 with the idea
of educating troubled homeowners about how to help themselves. Both authors worked as wholesale lending executive with
large banks (National City and Countrywide, respectively) during the heyday of the mortgage boom, gaining an advanced
understanding of the industry. As the market turned and homeowners began losing their homes, Messrs. Powell and Elasadi
realized that very few homeowners knew that they had alternatives to walking away from their homes.
With the foreclosure problem growing quickly, it seemed necessary to write the first book addressing this nationwide
epidemic. Using personal experience modifying loans, interviewing expert attorneys who handled this industry in the
early nineties and current relationships with the banks, they broke down the modification industry so that each reader
could more fully understand the issues and potential solutions. The main goal was to help the average homeowner understand
that they do have rights and they do not have to lose their home.
This updated version of Loan Modification Made Simple comes a year after the first draft was written. It includes changes
to the industry and government programs by drawing from a pool of information gained from thousands of successful loan
modifications. The authors’ process has served as the foundation for seminars, law office loan modifications and forensic
loan audit companies alongside individual homeowners saving their homes.
Table of Contents For "Loan Modification Made Simple"
Section 1: The Basics
Premise of This Book
Comparison of Modification vs. Traditional Refinance
Cost Comparison: Modification vs. Refinance
How to Decide whether to Refinance or Modify
Section 2: Understanding the Concept of Loan Modification
What is a Loan Modification?
Characteristics of a Note that a Bank Can Modify
Principal Balance Reduction having a 1st and 2nd Mortgage
Why Would a Bank Allow a Loan Modification?
Causes of the Modification Boom
Modifications are Negotiations: Use the Threat of Foreclosure
Foreclosure Timetable
The Banks Rational During the Foreclosure Process
Section 3: How to Modify My Loan
What are Loss Mitigation /Home Retention Departments?
The Proper Way to Deal with Your Loss Mitigation Department
Step by Step Procedure on How to Negotiate Your Own Loan Modification
The Hardship Letter
What Banks Are Looking for to Grant a Loan Modification
Section 4: Breaking Down Loan Modification Companies
When a Homeowner should Contact a Modification Company
Attorney Based vs. Non-Attorney Based Loan Modification Companies
Avoiding Scam Artists
Section 5: Forensic Loan Audit
Section 6: California Governor’s Answer to the California Housing Crisis
Section 7: Finalizing and Submitting Your Modification Proposal
Putting the Loan Modification Proposal Together and Submitting
Developing a Loan Modification Proposal
Example Loan Modification Cover Letter
Example Loan Modification Proposal (1)
If Principal Balance is Denied
Example Loan Modification Proposal (2)
Loan Modification Proposal Worksheet
Section 8: Loan Modification Updates
Interest Rate Modifications
Lengthening of Amortizations & Principal Balance Reductions
Capitalization
Forbearance to Modification
If Modification Denied, Re-Submit!
Budgeting
Can I Get Modified Again?
Submitting a Proposal
Customer Service Expectations from Your Lender
If You Hire a Company/Attorney, Let them do their Job
Section 9: President Obama’s Home Affordable Modification Program
Understanding the Program
Breaking Down the Numbers: Do You Qualify?
Banks Do Not Want to Grant these Modifications: Submit with Precision
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Perhaps the trillion dollar bailout will work, perhaps not. In any case read this book carefully and often. It has the power to help you save your home, your savings and, in same sense, your way of life.”
Former Chief Editor
Associated Press - New York
The e-book on Loan Modification Made Simple far surpassed what I had expected. It goes into detail on all the phases of loan modification, includes all the Forms needed and offers negotiating strategies. Great value.
09/25/2008
Yamen and Thomas are subject matter experts when it comes to loan mods. They are very knowledgeable, very helpful and will lead you to the right direction. This is the kind of team I want to be represented.
10/09/2008
I have purchased your online book, which is VERY informative, and I thank you for all of this information!!!
11/08/2008
I must say this is one of the best books I have read so far on loan modifications. This book contains real information and no fluff for completing and getting your loan modification approved.
Thanks again Load Mod for a fantastic book and I will definitely spread the word in NJ about the fantastic work you guys are doing.
Peace!
12/05/2008
12/13/2008
I would like to refer homeowners to it, and would like to know if you have an affiliate program set up, or have some other way for to track eBook purchasers we would send to your site to buy the eBook.
Thank you,
02/13/2009