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