Orange County Register

The company behind the most common credit-scoring system in home lending recently launched a free Web site that it says will tell homeowners if they qualify for a loan modification under the Obama administration plan.

Borrowers can complete a confidential form on mortgagereliefonline.com and should learn quickly if they qualify for a modification or refinance, according to Minneapolis-based FICO, formerly known as Fair Isaac Corp.

If borrowers qualify for help, they will be asked to submit contact information and will later hear from either Minneapolis-based Homeownership Preservation Foundation or Houston-based Money Management International. Either organization will provide credit counseling at no cost to homeowners, according to the Web site.

The government has its own Web site, Makinghomeaffordable.gov, which also analyzes a homeowner’s eligibility for loan modification or refinancing. Links to free HUD-approved counselors are listed on the government’s site for homeowners to contact.

In other news…

• Obama offers help for second mortgages
• Early foreclosure filings spike across O.C.
• Foreclosures drop in 54% of O.C. ZIPs
• Mortgage reform bill back on drawing board
• Does Wells Fargo have its bad assets under control?
• Fed releases stress-test methods
• Bigger home loans coming to O.C.
• Fed limits powers of bank with O.C. offices
• Banks may need $1 trillion in new capital
• 2006: State’s most toxic year for home loans
• O.C. home defaults hit record high
• Wells expands mortgage lead on BofA
• Fed lacks exit plan on mortgage securities
• Is the next bubble the Fed balance sheet?
• Credit losses may hit $4.1 trillion worldwide

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