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
SOURCE The Wisdom Companies, LLC
