Later today FICO, the company formerly known as Fair Isaac, will announce its Mortgage Recovery Initiative, which is designed to help troubled borrowers find loan relief options while helping lenders identify problem loans before homeowners default.
The consumer part of the initiative will launch Friday at MortgageReliefOnline.com. Borrowers will be asked to provide basic information about their mortgages and will be told within seconds if they appear to qualify for new federal government plans for loan modification or refinancing or if they need debt counseling. Borrowers will be contacted within 48 hours by HUD-approved housing counselors for individualized help and advice.
“The main benefits for consumers,” FICO spokesman Craig Watts said, “are speed, anonymity/privacy, confidence that they are getting top-drawer professional counsel, cost (it’s completely free), and convenience.”
FICO is also offering lenders analytic tools to help them identify and expedite the borrowers most likely to benefit from modifications or refinancing before the loans go bad.
MakingHomeAffordable.gov has an interactive tool that will indicate whether you might benefit from the new modification/refi programs, as well as links to find a housing counselor. But the FICO initiative would seem to make finding help just that much easier.
For more on foreclosure:
- Is your home worth keeping?
- Facing foreclosure? 9 options
- A foreclosure fix: More bankruptcies
- Foreclosure nearby? It’s your problem