SOURCE: American Family Assistance Foundation

American Family Assistance Foundation

September 08, 2009 09:00 ET

Consumer Advocate Takes on Banks; Offers Free and Discounted Loan Modification Services to Homeowners Facing Foreclosure

LOS ANGELES, CA--(Marketwire - September 8, 2009) - American Family Assistance Foundation is launching a new service for the growing number of homeowners facing foreclosure across the country. The non-profit is providing a free, downloadable do-it-yourself loan modification kit through the web site www.modifyloansfree.org. Homeowners will be given instructions on how to fill out 9 pages of bank-ready documents. Armed with these completed documents, a homeowner is ready to approach his bank to request a loan modification.

Foundation Vice President John Ellison, a licensed real estate broker in Southern California, says this kind of help is new and not offered for free elsewhere. He speaks from experience: "I had to submit my personal loan modification to the lender four times before I got approved. I didn't get approved until I used the online package at www.modifyloansfree.org. Banks train their staffs to look for reasons to deny the loan mod. Nobody is training the homeowners. That's what we intend to do."

For those who want to educate themselves further about their rights, Ellison and his partners have written a 65-page manual to help homeowners take on the banks. The manual is priced at less than twenty dollars.

A third option is available for homeowners: a professional tools package offered at $399, or just 20% of what others are charging. A forensic loan audit is included with this package. Ellison says a forensic loan audit is a good idea when a homeowner suspects the bank has broken the law in its handling of the original loan documents. Ellison says, "The number of blatant violations of the Federal RESPA laws (Real Estate Settlement Procedures Act) by lenders is astounding."

With an estimated 25 million homeowners late on their mortgages and millions more in the wings, the American Family Assistance Foundation is out to level the playing field between homeowners and their lenders.

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