Beware of the Loan Modification Seminar

By: Timothy McFarlin | Published: July 6th, 2010 | Category: Loan Modification

The loan modification seminar has become a powerful and popular marketing tool for many lenders and loan modification professionals in the years since the housing market collapsed.  Self proclaimed industry have hosted loan modification seminars for borrowers facing foreclosure all across the country.  While the intentions of these experts may be good and well, borrowers should approach these seminars with caution.

For starters, a person should never pay to attend one of these seminars.  Borrowers need to remember that they will not be the only one in attendance so the information will be very general to apply to every attendee.  If the borrower needs general information about loan modification they can find it for free on the Internet, they don’t have to pay to listen to a live speaker.  In the case of a borrower facing foreclosure, each case will be different, which is why it is always recommended a person hire an experienced foreclosure attorney who can provide one on one guidance and counseling specific to the borrower’s individual financial situation.

Just because a seminar is free, it doesn’t mean it won’t be a waste of time.  Many people who host a local loan modification seminar do so in the hopes of selling programs or services.  If a seminar is free, then great, but if 90% of the seminar is spent describing all of the information the attendee can learn in the speaker’s latest book for the low price of $19.95, then the attendee just wasted half a day listening to a live commercial and will walk away with little to no useful advice.

When a speaker doesn’t push a product, they may use the forum of a loan modification seminar to attract business to their loan modification business.  Many of these loan modification businesses are not law firms and can provide very little legal assistance and most of the operators of these loan modification companies are not attorneys.  Borrowers must remember that foreclosure is a legal process and a legal problem; therefore, they need professional legal representation for the highest chance of success with their claim.  If the speaker at a loan modification seminar admits that he or she is a former member of the lending industry who is now helping borrowers, the attendee should leave and never look back.  Don’t forget, it was the lending industry that created this mess in the first place.

If the speaker admits to being a former member of the lending industry, then they admit that they were probably one of the people who allowed bad loans to be issued to hundreds of thousands of borrowers, essentially playing a major part in the collapse of the housing market.

Foreclosure is a very time sensitive process.  Borrowers are urged to consider their options and take action as soon as foreclosure becomes a possibility for their loan.  Borrowers shouldn’t waste weekends listening to seminars, they should be seeking out sound legal advice that applies directly to their situation from experienced professionals who have fought lenders in the past.

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