FICO’s MortgageReliefOnline.com for Free Credit Counseling and Assistance with Making Home Affordable Program
In my earlier post here, I had discussed the details of President Obama’s Making Home Affordable Program. The program has two components — Home Affordable Refinance program for solvent homeowners with a loan-to-value as high as 105%, and Home Affordable Modification program for delinquent or nearly-so homeowners unable to pay their mortgages.
As I had described, Treasury has a comprehensive self-assessment tool provided on this website to determine eligibility for the Making Home Affordable Refinance and Modification Programs.
Now, there is another option, thanks to Fair Isaac Company, the company that created and computes the FICO credit score significantly affecting the credit transactions for all consumers. Fair Isaac has launched MortgageReliefOnline.com.
It is a free service designed to help you find out if you qualify for mortgage relief under the Government’s Making Home Affordable Program. If you qualify, this site provides free access to HUD-approved certified professional counselors at Money Management International. If you qualify for free mortgage counseling, Fair Isaac also gives applicants a free credit report and credit score.
To use the free service, you have to fill out a form on the web site. A word of caution here — it is an educational web site. It won’t actually refinance or modify your loan. You will ultimately need to work with your mortgage servicer for loan refinancing or modification.
Lately, there has been a spate of complaints by homeowners trying to stave off foreclosures about delays and frustrations in dealing with lenders. This site can help with determining eligibility for the Making Home Affordable Program.
Have you had to deal with your lender and/or mortgage servicer to refinance or modify your mortgage? How satisfied have you been with your experience? What did you learn that could help others going through the process, or help improve the process?
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