Homeowner Toolbox Finds 80 Percent of Homeowners Denied a Loan Mod for Being Off by as Little as 10 Dollars
Probability Meter(TM) arms homeowners with their lender’s financial sweet spot to improve odds for a successful loan modification
IRVINE, Calif. June, 2009 /PRAvenueNW/ — Homeowner Toolbox Inc. is helping homeowners wade through the complexities associated with the loan modification process and teaches users how to avoid the roadblocks that prevent consumers from getting a modification. Most homeowners are unaware that they can be denied for being off by even ten-dollars from their lender’s unique “sweet spot.” To arm homeowners with this inside knowledge, the company has introduced a proprietary tool called the Probability Meter™ that accurately predicts the likelihood of a positive lender modification. The meter works in real time and moves up or down as each piece of financial data is entered into the online Financial Worksheet (required as a key part of any loan modification package). The Probability Meter™ varies based on the specific lender and helps a homeowner better zero-in on their most attractive disposable income amount – the key factor used by lenders to determine eligibility for a loan modification. The tool also shows that it is very possible to achieve a modification without being delinquent on mortgage payments – a popular misconception perpetuated in the press.
“Currently only 20-percent of loan modifications are being approved,” explains Andy Firoved, CEO of Homeowner Toolbox Inc. “Consumers often feel they have to exaggerate their financial hardship or be delinquent on payments in order to qualify for a modification. This is absolutely FALSE, and we have the successful modifications to prove it.”
Unlike other modification solutions that cost thousands, Homeowner Toolbox offers a detailed financial evaluation with tailored guidance on how best to present a modification package to a lender for maximum results, for a fraction of the price – only 99-dollars. The homeowner is then provided with a print-ready/submission-ready package that can be sent directly to the lender, direct from the homeowner.
Using the Web-based tool, homeowners are virtually guided through the modification process where they identify their current lender and then proceed to a Financial Worksheet, (a required lender document), that details monthly expenses and specific mortgage information. The system will even provide a free statistical evaluation of the lender’s home compared to their current property tax assessment; this alone could save the homeowner thousands in unwarranted property taxes. Next, the system’s proprietary Probability Meter™ helps the homeowner create a financial summary that will best improve their odds for a successful modification. The step-by-step process offers tips to the homeowner on how best to present one’s financial situation and gives specific details aimed at improving the homeowner’s chances for a successful modification of their loan. The process includes a wealth of guidance and tips, based on the founders’ years of experience in the industry, which aim to dispel the misinformation many have regarding what lenders require to modify a loan. The third step takes a user through the proprietary Hardship Letter Engine which generates a custom letter proven to maximize favorable treatment from the lender. The fourth and final step of the automated system includes the creation of the submission-ready package, complete with checklist of all necessary documents for proof of income and the direct information (or inside fax) needed to reach the proper contact at the user’s specific lender.
Homeowner Toolbox offers users additional debt relief tools that are available for free (and premium services offered at a discount) to members. For additional information, homeowners can visit the Web site at: www.homeownertoolbox.com.
About Homeowner Toolbox
Homeowner Toolbox, Inc. is a lifeline for homeowners looking for mortgage relief. The company, founded by experienced financial executives, offers a proven, and finally affordable, alternative to hiring costly loan modification consultants. Instead of spending thousands with someone over the phone to help “fix” a mortgage, Homeowner Toolbox has created a self-guided tool, complete with a Probability Meter™, which offers a step-by-step solution through the loan modification process and puts a submission-ready package into the user’s hands – all for an introductory price of $99. By automating the service with interactive Web technology, the creators of Homeowner Toolbox have been able to bring the price of the service to a level that everyone can afford. For a fraction of the price currently offered by other modification services, Homeowner Toolbox offers a detailed financial evaluation, with tailored guidance on how best to present a modification package to a lender for maximum results. Those interested in additional information can visit www.homeownertoolbox.com.
