A Collection Of Useful Resources

For those that feel comfortable attempting to do their own modification but could use some guidance, US Mortgage Advocate recommends the following books:

Disclaimer: US Mortgage Advocate does not recommend that you attempt your loan modification on your own.

“The average American trying to get through [sic: to their bank] to negotiate a loan modification will not be able to get it done!” - U.S. Congresswoman Maxine Waters (January 21, 2009)

You’ve probably also heard the expressions that "an individual who represents himself in court has a fool for a lawyer" and " The most dangerous thing in the world... is a little bit of knowledge " . These often apply to loan Loan Modifications.

Obama Administration Launches New Web site

The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) recently launched a new web site for distressed homeowners seeking information about the Obama Administration’s Making Home Affordable loan modification and refinancing program.

www.MakingHomeAffordable.gov offers features including interactive self-assessment tools that seek to empower homeowners to determine if they’re eligible to participate and calculate the monthly mortgage payment reductions they could stand to realize under the Making Home Affordable program. Additional site features include:

Extensive information about the Administration’s Making Home Affordable plan
A calculator feature that allows homeowners to estimate the reduction to their monthly mortgage payment that they might stand to realize under the plan
Resources to find free, HUD-approved counseling services for borrowers who have additional questions
A handy checklist to ensure homeowners collect all the documents they need before calling their servicers

Obama's Loan Modification Plan: 7 Things You Need to Know

Quote: top banking regulator said last December that almost 53 percent of loans modified in the first quarter of 2008 went bad again within six months. But supporters argue that mortgage modifications need to be properly engineered to work—and many early ones weren't.

U.S. Department of Housing and Urban Development (HUD)

HOPE NOW

HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors, and other mortgage market participants that provides free foreclosure prevention assistance. The HOPE hotline (888.995.4673) is staffed by HUD-approved credit counselors who can help you sort out your financial situation and explore your options.

Don’t Borrow Trouble

Don’t Borrow Trouble is Freddie Mac’s anti-predatory lending initiative dedicated to helping consumers identify the common signs of predatory lending and avoid taking out loans designed to fleece consumers. Before you take out a loan to finance your way out of your current situation, visit www.DontBorrowTrouble.com to learn how to protect yourself.

FHA (Federal Housing Administration)

The Federal Housing Administration (part of HUD) is the largest government insurer of mortgages in the world, insuring over 35 million properties since its inception in 1934. Like HUD, FHA is a great place to go to find out about the latest programs available to help homeowners. The FHA Web site also provides a Lender Locator and mortgage calculators.

VA (Veteran Affairs)

The U.S. Department of Veteran Affairs is dedicated to providing excellence in patient care, benefits, and customer satisfaction to veterans of the armed forces. If you’re a veteran, you may have even more resources for saving your home from foreclosure, so contact the VA to find out what’s available.

Loan Calculators

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