A foreclosure is one of the greatest fears that a homeowner in Michigan faces in today’s economy. The loss of a home due to a foreclosure can be a devastating moment, and many families have a difficult time recovering from it. An Ann Arbor-based company is joining the fight against foreclosures by developing a software platform that may revolutionize the loan modification process.

Menlo Innovations is a software firm that is working to develop a platform they call, Loan MD. The software is designed to simplify the loan modification process with an intuitive and easy-to-use interface. The designers want to model it after another piece of software that simplified tax filings called TurboTax.

The software is being developed for a company known as LoanMod, which is a loan modification company based out of Dearborn. The company is making its services available to customers throughout the states but is primarily focusing its initial efforts in Michigan. LoanMod is working hard to obtain a grant through the Chase Mission Main Street grant program that would enable it to bring the project to final development.

Most homeowners looking at the potential of a foreclosure are looking for any option that would bring clarity to a difficult situation. Pursuing a foreclosure can be a very murky process, so most homeowners can benefit from understanding, in detail, the foreclosure process in order to eliminate some of the confusion. Understanding all of the debt relief strategies available in Michigan can bring some peace of mind for a homeowner facing a foreclosure.

Source: semichiganstartup.com, LoanMod builds TurboTax-like software to prevent foreclosure, Jon Zemke, Nov. 8, 2013