Dearborn's LoanMod.com capitalizes on loan modification sector

Moose Scheib was working at a law firm when he saw the first signs of the housing crisis begin to materialize in Michigan. It didn't take him too long to try and do something about it when he started LoanMod.com in 2006.

The Dearborn-based company helps people modify their mortgages, along with providing other services to help them avoid or deal with foreclosure. The way Scheib tells it, mainstream America was only familiar with paying mortgages before the housing crisis. The lack of knowledge of foreclosures made the situation multiple times worse.

"The thing about this is people are living in so much fear," says Scheib, chairman & CEO of LoanMod.com. "That fear goes away when people have knowledge of it."

Scheib has grown his company to a staff of 20 people and five summer interns. They have helped 10,000 families get out of the fear cycle and either deal or avoid foreclosure. He hopes to streamline his company so it can reach more people; potentially another 10,000 families in 2011.

"So much good comes out of it when you save a home," Scheib says. "It's not just the family. It's the community, property values and other things."

Source: Moose Scheib, chairman & CEO of LoanMod.com
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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