Competition Heats up as more and more software becomes available to struggling homeowners.
It is the David versus Goliath of fights if you are a struggling homeowner looking for free assistance. Fannie Mae has launched their Know Your Options website to help guide homeowners to the road of avoiding or navigating through the foreclosure waters. The site is informative, with many links and explanations of what foreclosure is and how a loan modification can help you save your home. However, as I compare two sites independently, Fannie Mae’s website overlooks one of the most common elements of the application process and why homeowners have caused a demand for third party intervention.
It has been about two years since the launch of the Home Affordable Modification Program (HAMP) and the Home Affordable Foreclosure Alternatives Program (HAFA). It isn’t surprising the program has hugely fell short in their projections of how many struggling homeowners it has reached. The popular government program is under review and maybe undergoing some major changes. In the government’s latest attempts to reach out to homeowners, Fannie Mae has launched their website Know Your Options.
After reviewing this website, I was curious to see what else is out there that maybe comparable to Fannie Mae? I came across lots of loan modification companies with downloadable software; send away for a cd, e-books, and other helpful hints and tips. However, as I remember my days of processing loan modification applications myself, one thought creped popping up in my head. “No one talks about how to fill out the application, especially the government’s RMA?” After all the government program is suppose to help millions of homeowners, so why is it failing so badly? Even as helpful as Fannie Mae’s site is, it doesn’t walk you through the application process. One of the key reasons why so many people get denied, they fill in the information on the RMA incorrectly, or miss filling in certain areas and servicers can reject your application based on that alone!
While the website does help people see potential options, it still fails to help clients complete paperwork; the #1 reason for lack of action or denial under the program. In addition, it still recommends contacting their lender first without any assistance other than a financial worksheet that is downloaded. No tips or warning are given and the client is almost set up for failure. Even the conversation log that they suggest you download is a simple pdf that chances are will get lost with the rest of the paperwork.
Any help is good help, but homeowners still need third party non biased assistance in filling out their paperwork. freeMortgageFix.com is the ONLY software available to consumers that allows them not only to see their options but also completes the paperwork and gives the homeowner a lender ready packet that they can submit with their supporting documents. Very similar to Turbo Taxes software program, it walks you through the whole application process. freeMortgageFix.com also offers helpful pop hints and tips as you complete the application. See below for a comparisons of the two websites.
Fannie Mae’s
vs.
freeMortgageFix.com
Know Your Options
Terms of Glossary
YES
YES
Lender specific forms
NO
YES
Home Affordable forms
YES
YES
Resources
YES
YES
Question and Answer section
YES
YES
Lender List Database
YES
YES
Modification Calculator
YES
YES
Debt to Income Test
NO
YES
Document Manager Host
NO
YES
24/7 ONLINE Support
NO
YES
Modification Payment Estimator
YES
YES
NPV TEST
NO
YES
Online Application
NO
YES
Links to other Helpful sites
YES
YES
Network of Foreclosure Defense Attorneys
NO
YES
