Much to be Learned from the Loan Modification Forum

By: Timothy McFarlin | Published: July 21st, 2010 | Category: Loan Modification

The great thing about the Internet is that it has the ability to bring together information and perspective from all over the world with the click of a few buttons.  The following explains how borrowers can learn about the loan modification experiences of other distressed borrower all over the country through the use of Internet forums.

An internet forum is an open Internet discussion page that is similar in theory to instant messaging software, minus the “instant”.  Each page on an Internet forum is created by forum users and allows users to initiate conversations with all other forum users through the posting of questions and responses.

Internet forums are a great source of information because it allows users and subscribers of actual services to post their actual experiences.  For example, to find an Internet forum to learn more about past loan modification experiences of other borrowers around the country, a borrower would simply open their preferred search engine and type the name of their lender followed by the words “loan modification forum”.  For example, to find what others have to say about their experience working with Bank of America for a loan modification, the interested person would type “Bank of America loan modification forum” into a search engine.  In most cases, the information the person is looking for will be in the first few pages of search results.

Learning to use loan modification forums will prove to be very useful through the process because the forum will connect struggling borrowers with other struggling borrowers in an safe and anonymous environment and will help struggling borrowers learn what they can expect from their request for a loan modification.  When a person requests a loan modification their mind is often a jumble of new phrases and lots of questions.  Those questions can be answered for free by fellow borrowers through internet forums.

In most cases an internet forum is free to use.  Usually, anyone can view conversations on Internet forums, but only members can participate in conversations, but membership is usually free.

It should be explained here that Internet forums should never be used as a source of legal advice or as a replacement to the services offered by an experienced foreclosure attorney.  The information found anywhere on the Internet should always be used in conjunction with the services of an attorney, who can explain the information and can dismiss any information that is just plain wrong.  While the Internet is a great source of information, it is a source of information that should always be verified, especially when concerning something as important as saving a home.

If borrowers think that they don’t need an attorney, they are urged to search Internet forums for complaints against lenders.  Many angry borrowers often paste their experiences on Internet forums and detail how they were mistreated or otherwise ignored by their lenders.  Some borrowers will claim that the lack of assistance they received from their lender was directly responsible for the loss of their home.  These are the kinds of complaints that can be avoided with the help of an experienced foreclosure attorney.

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