There's a tremendous need for companies that can offer assistance to borrowers who are in trouble.
Hermosa Beach, CA (PRWEB) September 15, 2008
The Wisdom Companies, a leader in online financial services marketing, recently launched LoanModificationLeads.com, a business-to-business website focused on matching distressed homeowners with loan modification firms and loss mitigation specialists. LoanModificationLeads.com delivers fresh, real-time, Internet loan modification leads to foreclosure prevention consultants who in turn contact the borrower to help modify their loan and save their home.
"The New York Times recently reported that 1 in 11 mortgages across the country is past due or in foreclosure. That's almost 5 million loans," said Mark McKendry, Wisdom's CEO and co-founder. "There's a tremendous need for companies that can offer assistance to borrowers who are in trouble."
Before LoanModificationLeads.com, loan modification firms would often sift through lists of adjustable rate mortgage resets hoping to find a deal, or blindly send mailings to homeowners. Now, with the real-time leads offered by LoanModificationLeads.com, companies are able to receive real-time data from distressed homeowners who are actively seeking help online. Wisdom reports that the amount of leads sold via LoanModificationLeads.com has has grown 600% since June. With hundreds of thousands of subprime ARM loans adjusting in the next several months, McKendry expects that trend to continue.
Loan modification involves renegotiating the terms of a loan that are more favorable to distressed borrowers, 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.
Wisdom generates loan modification inquiries at foreclosure prevention websites like HomeForeclosureFighter.com.
The company reports that closing ratios for loan modification leads range from 10-20%. "Our clients all say that they get tremendous satisfaction form helping homeowners," said McKendry. "It's a good feeling to know that you can help someone save their home. It's a win-win for everyone involved."
The Wisdom Companies is a premiere provider of online marketing services. Since 2002, the company's BigMortgageLeads.com division has connected over nearly one million borrowers with lenders, mortgage brokers and banks throughout the country. The company recently launched a foreclosure prevention site, http://www.homeforeclosurefighter.com, along with http://www.loanmodificationleads.com, a business-to-business website offering leads to loan modification and loss mitigation firms.