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. Write to Austin Kilgore.
Software Lets Consumers Create Modification Plan
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