DETROIT — Today, LoanMD announced its crowdfunding initiative on Indiegogo (www.Indiegogo.com/LoanMD).
The backers of LoanMD contend that it will be the first fully automated do-it-yourself loan workout platform designed to arm every homeowner with the ability to refinance, modify or exit their loan, giving homeowners financial options rather than becoming a victim of bank foreclosure.
According to CoreLogic, more than 10 million residential properties are in a negative equity (underwater) situation and more than 15 million homeowners qualify for reduced payments or other exit strategies, but don’t know where to begin. LoanMD is stepping in where government and banks cannot, creating a simplified automated system with the ability to allow homeowners to process loan workouts quickly at a low cost.
“LoanMD will be the TurboTax for the loan industry,” contended Moose Scheib, CEO of LoanMod.com. “Millions of people are being put out of their homes in foreclosures. After years of working in a failing housing market, we realized the only way that we can help more people is to educate the community and create an automated system that was easy to use. LoanMD will help banks and homeowners process modifications quickly, empowering homeowners and saving them thousands of dollars that are usually spent in this process. We are asking the public to come together as a community to support LoanMD and get millions of people back into safe and affordable housing situations.”
The noted Ann Arbor software design company Menlo Innovations will develop LoanMD. LoanMD will be an easy-to-use, intuitive software that will guide homeowners through a loan modification application while providing loan education, which also consider their bank’s capabilities and restrictions. It is tailored for each homeowner based on their state laws. The software license will be around $399 for the public and will be available for free to military, veterans and public school teachers.
To learn more and support LoanMD, visit www.Indiegogo.com/LoanMD. Follow the LoanMD initiative on Twitter @LoanMD and Facebook. To share with your community and support the movement toward economic recovery use the hashtag #watchlikegive.