Book designed to offer accessible solution for ‘at-risk’ homeowners
WINDSOR, Calif., Jan. 26, 2009 — As a new federal administration takes office, government officials are prioritizing the development of an economic recovery plan geared toward saving businesses, jobs and “the American dream.” That help may come too late, however, for millions of Americans who are already at risk of losing their major investment: their home. One mortgage expert is helping homeowners help themselves through a comprehensive – and affordable – book.
“This book is written for the millions of ‘at-risk’ homeowners in America,” writes author Tim Carroll in the introduction, “who are suffering through the largest mortgage meltdown and credit crisis since the Great Depression.”
The book’s title says it all: The Do-It-Yourself Guide to Loan Modification – A Step-by-Step Guide to Lowering Your House Payment & Saving Your Home. Carroll says that, after reading his book, homeowners can decide whether to pursue a loan modification on their own or hire a professional to help.
Carroll is quick to point out that a loan modification is not the same as refinancing a mortgage. The book’s first chapter defines the concept: “Loan modification is the process of changing or altering one or more terms of your existing mortgage note.” These terms can include the interest rate, monthly payment, length of the loan, past-due payments or principal balance. Loan modification is, according to Carroll, designed to avoid foreclosure. He notes that the average cost of a loan modification is $3,500 and the process can take one to three months.
A homeowner may be a candidate for loan modification if he or she passes this litmus test:
- The homeowner has experienced a hardship, such as loss of job, reduction in wages, divorce, medical problems;
- The existing loan has unfavorable terms;
- Net income is equal to or greater than expenses.
The book can help homeowners who can answer “yes” to one or more of the following questions:
- Do you have an adjustable-rate mortgage?
- Are you currently behind one or more house payments?
- Is your mortgage a pick-a-pay or negative amortization loan?
- Is your loan an adjustable rate that is about to re-set or re-cast?
- Do you owe more than your home is worth?
- Do you want to stay in your home?
The book breaks down the loan modification process into five basic and understandable steps. Sample letters and forms required in the modification process also are included. Carroll explains that the book is written in an easily understandable format and is edited to include crucial, not extraneous, information.
The Do-It-Yourself Guide to Loan Modification is available for $19.95 at .
About the Author
A graduate of Brown University, Tim Carroll spent 13 years helping run his family’s small business. In 1995, he started his career in the mortgage industry, eventually forming his own company. He has devoted the past 14 years to helping families reach their financial goals.
Contact:
Tim Carroll
707-837-2700 ext. 201
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