Do-It-Yourself Loan Mod Tool.(Special Report)

Byline: Amilda Dymi

Los Angeles-A new DVD offers homeowners in distress a loan-modification tool that opens the door to a more affordable, do-it-yourself approach to modifications.

It is known that homeowners in distress intimidated by the traditional mortgage process tend to avoid contacting their servicer. LoanModDVD could help millions of Americans who are as intimidated by the complexity of loan modifications.

LoanModDVD creators say most of these homeowners can benefit from the new affordable and easy-to-use, do-it-yourself tool instead of turning for help to high-priced lawyers and other mortgage default service providers. Using patented online software, LoanModDVD provides step-by-step instructions and all the necessary forms borrowers need to apply for a loan modification without third-party assistance.

There is a growing need for loan modifications, says LoanModDVD co-founder, Amir Fathi, and president and CEO of Silverstone Investment Group, so the DVD is available online for $99, compared to thousands of dollars charged by law firms, he added. "Our goal, not only as the creators of LoanModDVD but also as industry professionals, is to help halt the ongoing foreclosure rate that is hurting this country so much," he said.

The DVD includes a step-by-step guide to modifying a loan online. Using the LoanModulator software homeowners can calculate their loan's modification and come up with a new suggested interest rate they can negotiate with their lender.

They also receive a "hardship letter" sample and a loan proposal worksheet, individually customized income and expense worksheet, and inside tips on exercising a homeowner's legal rights. In the end, it is up to a homeowner's discretion to make an informed decision whether they need additional legal assistance.