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Los
Angeles, CA. According to recent studies, the number of people
attempting to modify their home mortgages through the Making Homes
Affordable plan has dropped and the number of homeowners falling out of
the program is soaring.. Only 36,695 homeowners received lowered
mortgage payments in July 2010 -- the smallest number since December
2009 say government officials. Officials of the Dept of Housing and
Urban Development state that of the total applicants, about 47% have
dropped out. Some because they feel they are over their heads
financially due to the sluggish economy, while others failed to fill
out the forms correctly or didn't supply the necessary financial data
to their lenders.
To help remedy this problem, Los Angeles
real estate broker Bob Boog, has written a 70 page guide to help
homeowners avoid some of the common pitfalls and mistakes which have
added to the pain-staking time-delays of doing a mortgage
modification. His guide, Mortgage Modifications Made Easy
contains 70 pages packed with information and sells for only $10. In
it, he tells homeowners how to do their own loan modification. Who is
eligible, what to expect, what to do if self-employed, common errors to
avoid, how to get principal debt reduction as well as communicating
with the lender, tips to help out if income-challenged and tips on
completing the budget.
Bob Boog has been involved in selling
homes since 1978 and has written three books on real estate including
Selling Homes 1-2-3. Boog claims that he cannot guarantee that his
guide will be 100% effective. "My goal," he writes, "is to improve your
odds for getting your loan modification approved."
As of August
1, 2010, 434,716 homeowners nationwide have received permanent
modifications since the HAMP program began last year. "While there has
been some stabilization in the housing market, it remains clear that we
have more work ahead," writes Raphael Bostic, an assistant secretary as
the Department of Housing and Urban Development. The Making Homes
Affordable loan modification program has been under attack by many
homeowners who complain of bureaucratic run-around, banks not
returrning phone calls and losing financial documents.
"Many
homeowners do not understand how qualifying for the program works,"
Boog explained by telephone. "For example, some homeowners are
tentatively approved and given papers to fill out, but fail to fill out
some of the little boxes on the application. Because these are Federal
forms, the lender requires that the forms be fully completed, or the
application gets denied. The Lender doesn't say where the
homeowner went wrong, just that the form was not completely filled-out.
Simple mistakes like that really hurt a lot of people. Because I work
in real Because I work in real estate and have helped people modify
their loans and fill out these forms at my office, I've noticed where
the most common errors are made. So maybe this guide will help a few
people."
A copy of Mortgage Modifications Made Easy may be downloaded for about $10 at www.free-loan-mod-info.com; a hard-copy can be purchased for $18.95 through Amazon.com and other stores.
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