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The $79 Loan Modification

Hopefully you’ve stumbled across this article before purchasing the $79 loan modification program available on the web.  Before purchasing this or any other type of loan modification instruction program or kit, ask yourself this:

–Does the program offer one on one conversation with an attorney trained on the specific foreclosure / loan modification laws that apply in your state?

–Is the program targeted toward the type of loan that you have?  Understand that different laws affect different loans.  FHA loans are treated differently from VA loans which are treated differently from Fannie Mae / Freddie Mac loans.

–Since each lender has different policies, is the program you are considering for purchase specific to the lender you will be dealing with?

–Is the program just selling information about government loan modification programs like HAMP, HARP, etc.?  If so, save yourself the money and view the information for free on the government operated website located here:

–Does the program guarantee success? 

–If the program does guarantee success, and you fail at getting your loan modified, will you be satisfied walking away with a $79 refund (assuming that it is even issued) instead of the house you were fighting for?

Chances are that many of the answers to these questions will not be the ones that the borrower wants to hear, but they have to be heard.  A $79 loan modification program might seem like a good idea, but the old saying “you get what you pay for” has never rang more true.  Attorneys study for years before they can begin representing clients, and a $79 loan modification kit just isn’t capable of imparting that much knowledge through access to a website or via an instructional CD.  Not to mention the fact that the material included with a $79 loan modification program must be reviewed.  Most people who are trying to save their home don’t have the time to take a class on the topic, they have to act fast before their window of opportunity closes. 

Many times, the information contained in programs like the $79 loan modification kit is nothing more than a compilation of information that any curious web surfer could find on their own for free and in a matter of minutes.  The fact that these companies charge for the information is nothing short of a scam.  Do yourself a favor and pursue sound legal advice.  Programs that offer quick and simple solutions to very serious legal trouble (which is what the threat of foreclosure is) usually don’t know what they are talking about.  You wouldn’t spend your money on a $79 open heart surgery kit, would you?  Attempting to fight a foreclosure based on the information sold in these kits is no different.  One single wrong move, one single mistake, and it could be the final nail in your own coffin.  It’s been said before and it should be said again: Your home is not an item that should be gambled with, especially when the other occupants of the home are counting on you to save it. 

Remember what they say: “If it sounds too good to be true, then it probably is.”

That saying wouldn’t be so popular if they weren’t so true.