PRLog - Jan. 1, 2009 - WEST HILLS, Calif. -- The results of years of unchecked desire to become a buyer combined with irresponsible loan management have put American homeowners into a financial panic. Over 2.2 million foreclosures were filed in 2007 and that was up 75 percent over the previous year. The year 2008 is certainly sliding into the record books as well.
The federal government is urging mortgage lenders to work with borrowers to modify the terms of their current mortgage by way of a loan modification. A loan modification is the process by which a homeowner’s original mortgage loan is renegotiated from the primary terms in order to work with the homeowners’ current financial condition. A loan modification is beneficial to both parties. On average it costs the lender $50,000.00 per foreclosed home that they take back. They will save more money by modifying the homeowner’s mortgage terms and returning it to a current status. In return, the homeowner gets an affordable monthly fixed rate payment and will STAY IN THEIR HOME.
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The founders of LoanModificationDIY.com, Eli Zaken and Patricia Barmatz each have over 20 years of experience in the mortgage industry. They have combined their years of experience and authored “The Complete Handbook on Loan Modification”
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Loanmodificationdiy.com offers a new do it yourself book with step by step instructions on how to obtain a successful loan modification.