Friday, August 28, 2009

Software Lets Consumers Create Modification Plan

Posted on the Housing Wire by Austin Kilgore:

Minneapolis, Minn.-based ForeclosureU.com launched a software product for consumers to create their own mortgage modification proposals that conform to the Making Home Affordable Modification Program (HAMP).

The Web-based application has a series of online forms the borrower completes to create a modification proposal, and has functions to create hardship letters and written pre- and post- modification proposal.

The ease of the modification proposal comes at a price. The software costs $595 on its Web site. ForeclosureU.com is also selling rights (at $200) to third-party individuals to resell the software.

The software developers tout the offering as a “simple, affordable and effective solution” to the growing disconnect between government programs, streamlined modification initiatives at large servicers and the growing number of financially constricted borrowers.

2 comments:

  1. Is the name of the software LoanModCreator v3.0?

    @ loanmodcreator.com? I believe it is...any reviews as to the functionality/effectiveness?

    Thank you,

    Josh, Mortgage Market Guide

    ReplyDelete
  2. That's right, but I've seen no reviews. I presume the trick to writing that software would have been to be inside one of the HAMP servicers to have access to all of the many authorized assumptions. I tried to get hold of them, but was told to take a hike.

    ReplyDelete

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