A Complete Guide to the Loan Modification Process - Part 3 of 3

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Uploaded by on Dec 8, 2008

www.helpUmodify.org is a not for profit consumer advocacy project helping distressed homeowners avoid the lures of empty promises and predatory tactics of sub-prime modification outfits trying to collect upfront fees for promises of results.

This is the third in a 3 part series that explains the loan modification process from application to acceptance. The purpose of this Complete Guide to the Loan Modification Process is to educate and empower home owners to better understand the process and improve the chances of a favorable outcome

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  • If you're seriously underwater your best bet is to consult a lawyer, then stop paying your mortgage. Live rent free for a year or more until you get an eviction notice (that's how long it takes by me). SAVE that money in a safety deposit box or large safe. Then go rent a house for 2-3 years, keep saving your money (hopefully you'll still have your job). Then buy a house 3-4 years from now at the current market value which will be 15-25% lower than today's home values.

  • Interesting

  • Great contribution on behalf of this group.

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