New Software Helps Homeowners Avoid Foreclosure

Stephfan Nurse created a software solution to help home loan modification applicants get approved

ConsumerEducationOnline.com helps homeowners avoid foreclosure by accurately applying for a loan modification (Image: Thinkstock)

How does your software prevent inaccurate information and improve a homeowner’s chance of receiving a modification?

The software includes a video guide that walks them through the process step by step as well as pop-up boxes that educate the homeowner on everything they are filling out.  Most importantly, our software uses the same type of algorithms as the banking lenders to determine eligibility. Therefore, all homeowners who use our software will know the likelihood of being denied before sending their package; while also educating them on changes they could make to better position themselves for approval.  This really helps homeowners see how important it is to be 100% accurate rather than leaving the application process to chance. The software will then merge all of their information to the correct forms and ensures they are complete and ready to send to their lender.  After completing our software, all the homeowner has to do is print the forms and fax them to their lender.

Besides the application, are there other issues that can cause a homeowner to be denied?

Unfortunately, yes, human error can still occur during the process after submitting an application.  Representatives from different departments are all working on the same file, which can lead to a communication breakdown.  Also, call center representatives sometimes give incorrect information or forget to disclose helpful resources.

How does the software address that issue?

One of the features of the software called The Journey System is designed to track the user’s [modification] package and eliminate mistakes made by the lender. This feature will provide notifications days or even weeks in advance of possible problems while also providing a solution so that they are never caught off guard.  The feature also provides audio recordings of phone conversations based on where they are in the process. We had professional actors, act out the script that lenders use so that the borrower will know what to expect when they call their lender. The Journey System is designed to eliminate the fear homeowners face when talking to their lender. It gives them the confidence to know exactly what to expect and what to say each time.

Why is it necessary to have homeowners listen to staged audio recordings?

[The foreclosure process] throws people off mentally. I say the biggest reason home modifications aren’t working is because homeowners are fearful. They are stuck, but they don’t want to call somebody because they are embarrassed and don’t know what to say. I’ve seen this happen to doctor’s and even lawyers. When you know what to expect it takes away that fear. That is what The Journey System does.

How does the software stay in compliance with all the different lenders and servicers?

The biggest misconception is that the lenders are the actual decision makers when in reality they are just the middlemen.  The truth is the investors are the ones who decide approval and our software stays in compliance with all of the investors.

How can a homeowner trust the security of your software with all of their personal information?

Our software is a desktop application that is free to download and try. Therefore, all the homeowner’s personal information is saved only on their personal computer and not on the Internet. The software is free, but it costs $197 to use the Journey System and print out the modification package.

Editor’s Note: When using desktop software make certain that all of your anti-virus software is up to date to prevent malicious intruders from accessing your desktop files.

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