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LoanMod builds TurboTax-like software to prevent foreclosure

The leadership at LoanMod.com thinks the process of helping people prevent home foreclosure is too complicated, to put it nicely.

That's why the Dearborn-based loan-modification firm, which has hired one person over the last year, is working on a software program that streamlines and simplifies the process so everyday people can keep their homes from the comfort of their homes. The platform, called LoanMD, aims to become the TurboTax of home foreclosure prevention.

"It makes an overwhelming task [break] down into simple steps," says James Cline, organizational architect for LoanMod.com.

The firm is currently working with Ann Arbor-based software firm Menlo Innovations to create a platform. Cline is helping spearhead the project, which he hopes to launch next year. It is currently going for a $250,000 grant from the Chase Mission Main Street program. You can vote for it to make the finals here.

"We're hoping to make the required technological investments and put the final touches on LoanMD," Cline says.

When it's launched, LoanMod.com expects to focus on the Michigan market first with an eye on making it a national product. "Our main focus is here in Michigan," Cline says.

Source: James Cline, organizational architect for LoanMod.com
Writer: Jon Zemke
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  • LoanMod
    23400 Michigan Ave., STE 101
    Dearborn, Michigan 48124 Website
    Recognizing that Michigan's crumbling economy was fuelling a local housing crisis and foreclosure epicenter, LoadMod.com incorporated in Michigan in May of 2006 and set up shop in Dearborn, Michigan, hometown of Henry Ford, near Ford world ...

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