Home Loan Modification Education

By: Timothy McFarlin | Published: November 7th, 2010 | Category: Foreclosure Issues, Loan Modification, Mandelman Matters

There has been great demand for home loan modification education programs but as of yet, none have emerged as worthwhile to benefit homeowners. Lenders have also tried to push their own home loan modification education “events,” but generally these community events have not been helpful for many and can be a frustrating waste of time.

Demand for Home Loan Modification Education

With so many homeowners seeking home loan modification education programs, it would stand to reason that a company would emerge with some type of educational seminar or class to objectively assist homeowners with their loan modifications and give them the tools they need to negotiate for themselves. Most homeowners seeking a home loan modification would gladly pay for genuine and dependable advice and guidance. Unfortunately however, no such options exist for homeowners (as far as we can tell). The problem may be that with every modification being different (because every homeowners financial circumstances are different), it’s difficult to craft a curriculum that covers all aspects of the topic in a home loan modification education program.

Lender Sponsored Events and Misinformation

Recently, lenders have held large community events for their own borrowers purporting to offer guidance and assistance in the loan modification process through an “in person” loan modification seminar. Some even promise to modify loans on the spot! As you may have guessed, these promises are too good to be true.  These community events (from what we’ve heard from many clients), are simply a waste of time and very few, if any, loans actually get modified. Further, it has been alleged that lenders use these types of interactions with homeowners not to educate on loan modification, but to gather information and documents which they will use later to collect money, garnish wages, levy bank accounts and otherwise attach assets. It’s an easy way to get all the information a judgment creditor would need to make life miserable for homeowners down the line.

Home Loan Modification Education Online Resources

As far as we can tell, the best home loan modification education resources for homeowners are available online. A good starting point for borrowers is to read and try to understand what motivates lenders and the state of the housing market in general, not just in California, but throughout the United States. One such independent resource all borrowers truly interested in loan modification should check out is the blog by well known consumer advocate Martin Andelman called “Mandelman Matters”:

http://mandelman.ml-implode.com/

California Loan Modification Attorneys

McFarlin LLP attorneys handle all aspects of loan modification for California borrowers. Our attorneys are available to speak with prospective clients and give you honest advice. With a matter as important as the loan modification on your home, it is a very good idea to consider hiring a qualified loan modification lawyer to represent you and protect your interests. Call us today at (888) 728-0044.

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