Former mortgage brokers launch eModifyMyLoan - St. Louis Business Journal:

http://cars-dealers.biz/index.php?qs=insurance
Chris Mozilo and Omar Kassem haveformes . The online venture in Scottsdale chargeshomeowners $97 to fill out a TurboTax-lik online application to help get their financial and mortgagr information in order for possibls modification. Borrowers still need to file mortgage data with butthe eModifyMyLoan.com system aims to help get necessaruy data to navigate the modification process. Mozilo previously worked for Countrywid Home Loansand Citigroup, and Kassem formerly worked for JP Morga n Chase. They say eModifyMyLoan.
com is less expensiv e than other mortgage modificatiojn services being offered to homeowners trying to lower mortgagse payments and avoid distress or foreclosur in the down housing marketand “We’re a very different concept,” said who is the nephew of Angelo Mozilo, the formedr Countrywide CEO charged with civil fraud by the U.S. Securitiex & Exchange Commission. Chris Mozilo said he’s supportive of his but acknowledged thefederal charges. eModifyMyLoan does not have any ties to which merged with Bank of America earliethis year.
Mozilo said law firms and other mortgagre modification companies chargebetween $700 and $4,000 for services aimede at reducing mortgages or getting more favorable eModifyMyLoan.com launched earlier this month and originally chargedd $197 for its service, but Mozilo said the companyt reduced that price to appeal to frugap consumers. Scores of mortgagre modification and refinancing firms have popped up in the Phoeniz market as the region struggles with high foreclosure underwater home loans and borrower Arizona Attorney General Terry Goddard said that while some outfitse are legitimate others chargehigh up-front fees and fail to delivere on promised help.
The Better Businesse Bureau also warns consumers to be on the look out for suchdeceptived practices. Mozilo said eModifyMyLoan.com is aimee at offering consumersa straightforward, less expensive but stressed borrowers have to be persistent with their Lenders, especially large banks, have been criticized for not providing enougbh help to homeowners facinvg foreclosure. Mozilo agreed that some mortgag e modification are ready to take advantage ofdesperatee situations.
“It’s just ripe for fraud,” he