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Published by the American Bar Association (ABA), the ABA Consumer Guide To Mortgage Modification provides homeowners with simple and complete reference material for working with lenders under the federal Home Affordable Modification Program.
The federal Home Affordable Modification Program, enacted in 2012, provides a set of rules that gives financial incentives to mortgage providers to modify the loans of eligible borrowers so that their monthly payments do not exceed 31% of their monthly income. It was designed to help homeowners under financial duress to stay in their homes. The program is complex and not always perfectly understood by mortgage providers.
Step by step, this guide explains what a homeowner needs to know and do to get a loan modification. Homeowners will learn the qualification rules, determine how much they can lower their payments, and assess if their lender is following the rules and using the program effectively. In addition, the book prepares homeowners with questions to ask their lender, forms, grids, and worksheets. Knowledge is power and The Consumer Guide to Mortgage Modifications gives consumers the knowledge they need to effectively negotiate with their lender and get the most favorable terms possible.