Real Estate Central

As foreclosure rates reach record levels, distressed borrowers are turning
to loan modification as a means of avoiding the loss of their home. Many
are finding out that the process is difficult to navigate on their own.

HERMOSA BEACH, Calif., Sept. 3 /PRNewswire/ — Since its launch 6
months ago, The Wisdom Companies, LLC has seen tremendous growth in traffic
to their latest consumer-aid site HomeForeclosureFighter.com, targeted at
the millions of Americans facing foreclosure. With statistics pointing to
foreclosure filings increasing 93% over last year and projections for 2
million foreclosure filings in 2008, HomeForeclosureFighter.com provides
distressed homeowners with information and resources about loan
modification and other tips for avoiding foreclosure. This year, the site
has helped nearly 100,000 homeowners connect with Foreclosure Prevention
Specialists that specialize in helping borrowers avoid foreclosure.

“The rapid increase in mortgage defaults has left many homeowners
scrambling for a way to save their home,” explained Mark McKendry, CEO of
The Wisdom Companies. “Our goal is to connect homeowners who have fallen
behind on their mortgage payments with Foreclosure Prevention Specialists,
since many homeowners are not aware of loan modification or how to start
the process.”

Loan modification involves renegotiating the terms of a borrower’s
loan, while still maintaining the lender’s interest in the debt.
Modification of the loan can involve lowering the interest rate, changing
the rate from adjustable to fixed, lengthening the term of the loan, and
lowering the principal, as well as other less common approaches.

Due to the number of foreclosures and the high cost of legal
proceedings typically associated with the foreclosure process, loan
modification has emerged a popular solution for the crisis. The housing
relief bill passed by Congress in late July was centered around a package
of loan guarantees to help distressed borrowers refinance into market-rate
mortgages with more favorable terms. In August, the FDIC announced a plan
to systematically modify the loans of at least 25,000 homeowners with
mortgages held by failed lender IndyMac.

HomeForeclosureFighter.com hopes to fill a gap in online services that
cater to those facing foreclosure. Borrowers can learn more about the
alternatives to foreclosure and the foreclosure process through the
resources offered by the site. For those seeking the help of a Foreclosure
Prevention Specialist, they can simply provide some basic information about
their situation and get matched with service providers who may provide
competing alternatives to help the borrower avoid foreclosure. The borrower
can review the proposals and choose the option that best meets their needs,
although they are under no obligation to accept any of the proposals.

About The Wisdom Companies

The Wisdom Companies is a premiere provider of online marketing
services. The company streamlines the client acquisition process by
matching targeted consumers with service providers. Since 2002, Wisdom has
connected over one million motivated consumers with financial services
firms in the mortgage, insurance and credit industries.

For more information, please visit: http://www.thewisdomco.com

For more information about foreclosure help, please visit:
http://www.homeforeclosurefighter.com

See Also:

• GMAC Financial Services and ResCap Announce Further Streamlining of Mortgage Operation
• S&P/Case-Shiller Home Price Indices to Serve as Basis for New MacroMarkets Exchange Listed Products
• Home Warranty of America, Inc. Wants to Help you Better Understand the Fundamentals of Home Warranties
• Bedford Capital Consulting Becomes Bedford Cost Segregation, LLC
• Fremont General Announces Changes in Management Team

[Via Real Estate Newswire]