| Ten Grand. That is a whole lot of money to anyone. | | | | There is more to it than gathering the correct |
| To me, it was just not worth it. | | | | documentation, writing satisfactory letters of |
| With my background in the mortgage business and | | | | explanation and putting it all together in a nice tidy |
| having successfully completed over four hundred loan | | | | package to ship off to some unknown face in Iowa. |
| modifications for my clients, I was approached by a | | | | The emotional toll it can take on a homeowner can |
| local businessman to write a Do it Yourself manual on | | | | take years off your life. Not knowing the lenders |
| how to successfully negotiate a loan modification. | | | | requirements for a loan modification can cause the file |
| This gentleman's vision was to have me write the | | | | to be turned down. Not negotiating hard enough could |
| manual and he was going to have it published and put | | | | cause you to leave a lot of money on the table. |
| in major bookstores throughout the United States. My | | | | The worst thing of all would be to not handle it |
| cut was the initial 10,000 and then a small percentage | | | | properly at all, have the mod get shot down in |
| of the residual sales. | | | | underwriting, lose your home and end up on the street. |
| I could have used the money at the time but would | | | | Folks, don't attempt to negotiate on your own until you |
| have felt like I was steering people in need down a | | | | get a free consultation from an industry professional. |
| real rocky road. Sure, a homeowner can be | | | | Trust me, this advice is worth ten thousand dollars and |
| successful in negotiating a loan mod with their lender | | | | a whole lot more. |
| but is it a good idea? Rarely. | | | | |