Consumer Advocate Ralph R. Roberts Reveals the Top Five Dos and Don’ts of Loan Modification

DETROIT--(BUSINESS WIRE)--Ralph R. Roberts, consumer advocate and spokesperson for Federal Loan Modification Law Center, LLP, today revealed the top five do’s and don’ts of loan modification. Since losing one of his own homes to foreclosure in the late 1970s, Roberts has made it his life’s mission to prevent unnecessary home foreclosures. The following do’s and don’ts are intended to dispel common myths about loan modifications, which typically manifest in the form of a rate reduction/adjustment to an existing mortgage.

#1. DO TELL YOUR SPOUSE OR SIGNIFICANT OTHER: It's tempting to hide bad news from your partner, but this can actually work against you. For example, in most cases, you cannot legally negotiate a loan modification without your spouse. You and your partner are in this together and are stronger as a team. Regardless of the reason, disclose it to your partner, put it behind you, and work together to resolve the crisis.

#2. DON’T ASSUME IT’s TOO LATE TO ACT: As long as you are still residing in your home, you have opportunities to keep your home.

#3. DO REALIZE THAT YOUR LENDER WANTS TO RESOLVE THE ISSUE. The only way the lender makes money is if their loans perform—modifying a loan through loan modification makes it perform for the lender. Banks and other lending institutions make more money and lose less money if you can make your payments. When they foreclose, they not only lose your monthly payments, they also have the expense of foreclosing (attorney fees), rehabbing the home, and then selling it (agent commissions).

#4. DON’T GO INTO HIDING: As hard as it is, failing to pick up the phone, return phone calls, or respond to notices is one of the worst things you can do. Your lender needs to know from you or your legal representative that you are aware of the delinquent payments and are working on a solution.

#5. DO SEEK PROFESSIONAL REPRESENTATION: You may be able to negotiate a loan modification yourself by working directly with your lender, but an experienced attorney or loan modification expert can properly represent your case to your lender that your loan is modified to a level of affordability. Homeowners who represent themselves often overestimate what they can afford to pay and end up in the same situation months after they receive their modification.

To schedule an interview with Ralph Roberts please contact Liz Bradley at 857-891-5531 or liz@kelandpartners.com.

About Ralph R. Roberts

Ralph R. Roberts, CRS, GRI is a real estate-focused consumer advocate and spokesperson for Federal Loan Modification Law Center, LLP. Ralph R. Roberts knows about overcoming challenges. An award-winning author and REALTOR^®, Ralph lost one of his own homes to foreclosure in the late 1970s, and soon thereafter added a foreclosure division to his real estate business. Since then, Ralph has led thousands of families through the foreclosure maze, informing them of their options, including loan modification, and steering them clear of the most common pitfalls while empowering them with the information required to get on with their lives. Ralph is an experienced real estate mentor, coach, consultant, and author, who has penned several successful books, including Foreclosure Self-Defense For Dummies (Wiley), and Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership (Kaplan).

About Federal Loan Modification Law Center(FLMLC)

Federal Loan Modification Law Center, LLP (www.fedmod.com) preserves the American Dream of Homeownership by successfully renegotiating loan agreements between homeowners and lenders. The company’s team of experienced real estate attorneys and housing experts understand the fundamentals of the mortgage business, and have spared no expense or time in researching and presenting all options available for homeowners facing foreclosure or having trouble making their monthly mortgage payments. Federal Loan Modification Law Center’s industry specialists work closely with lenders to negotiate the best possible loan modification solutions for homeowners who qualify. For more information please call 1-877-39-HOUSE (1-877-394-6873) or visit www.fedmod.com.