FICO launches "comprehensive solution" to foreclosure problem

[drab]

See if you may be eligible for mortgage relief

The new Making Home Affordable program (MHA) was released by the US Treasury to help up to 7 to 9 million US homeowners stay in their homes. This free service can help you find out if you may be eligible for mortgage relief under the MHA Program, and if you can receive free credit counseling.

 

Mortgage Relief Online, a Web site that, after launching Friday, will tell homeowners what programs they qualify for, allow them to apply online for free and guarantee a call back within 48 house to start the process;

Mortgage and credit counseling to eligible consumers by FICO- and HUD-certified counselors;

Tools that help lenders and services identify loan holders who are likely to default or need assistance before they become delinquent, most effectively reach out to borrowers and find the solution that is most appropriate for at-risk borrowers while preserving loan portfolio value.

Borrowers who do not qualify for help under Making Home Affordable could still get counseling from Money Management International, FICO said.

http://www.mortgagereliefonline.com/

[NAN101]

The questions are really no different than the self-assessment questions contained on the actual Making Home Affordable website. The only difference, this one contains a drop down box to select your lender. Problem with that is, even though you're deemed "eligible" by income and the other criteria, if your lender is not participating voluntarily (and you have a non-GSE mortgage) you're not eligible at this point anyway (until your lender agrees to participate).

 

My guess is, those that fill out the contact information with the hope they're now eligible will be bombarded with phone calls and mail regarding modifications.

 

It seems that the Making Home Affordable program has created jobs in this area. I get no fewer than 3 solicitations a day by mail now telling me my home can be saved. I don't even open them because in the end if the investor/lender isn't participating with modifications, there is nothing an outside company can do that you can't do yourself.

 

My 2-cents anyway :-)

Edited April 18, 2009 by NAN101