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Technology Firm Develops Program Designed to Stop Foreclosures



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By : Clark Raitz    99 or more times read
A mortgage technology company has weighed in on efforts to stop foreclosures all over the country. IndiSoft, a Maryland-based company, is trying to come up with a program that will monitor homeowners’ behavior to anticipate potential financial troubles that can prevent them from paying their mortgages.

According to the firm, the program they are trying to develop will monitor possible life changing scenarios in a borrower’s life, including layoff and divorce, which can affect their ability to pay their loans. Locally, the information on hand can help lenders who make use of IndiSoft’s program prevent further increases in foreclosed Los Angeles HUD homes and bank foreclosures by taking the necessary steps to prevent borrowers from falling further behind in their monthly loan obligations.

Basically, the program aims to improve monitoring activities with regards to mortgage loans. The plan is to send friendly reminders to borrowers a few days after the due date of the payment. This feature aims to avoid waiting for a borrower to miss a full month or two months of payments before they are reminded of their obligations, which in turn will hopefully stop foreclosures from happening in most cases.

The company also stated that lenders can take the time to call borrowers earlier instead of waiting for them to miss their payments by 30 or 60 days. The effort is also designed to ease some of the burden that mortgage servicers are facing in terms of dealing with millions of loans that are facing foreclosures. According to the technology company, because of the sheer volume of mortgage loans handled by servicers, most homeowners are given little attention until it is too late and they end up as repossessed Los Angeles HUD homes.

For the part of the homeowners, IndiSoft stated that majority of them tend to ignore their problems, believing that refusing to address them immediately will make these concerns go away. Company officials have also stated that right now, the mortgage industry is still in a mess and is still dealing with numerous problems. However, they do hope that, eventually, servicers will be able to stop foreclosures early on by looking at behavior patterns that can provide clues as to whether a homeowner is facing foreclosure trouble or not.
Original Post: http://www.foreclosuredatabank.com/foreclosures-blog/article/2353/firm-program-stop-foreclosures on ForeclosureDataBank.com, your source of foreclosure properties.

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