April 1st, 2009 – Homeowners looking to avoid foreclosure, now, have a new online resource. Loan Modification Studio.com is offering homeowners, throughout the U.S., free foreclosure information including a foreclosure case law section and a variety of loan modification services both paid and for free.
One resource available for homeowners is the foreclosure case law library. Here homeowners can access the same information available to attorneys, specifically, case law. In this section, Loan Modification Studio outlines foreclosure cases that have been decided by the courts. Each case is outlined and separated into four sections: Facts, Issue, Ruling and Lesson Learned. This allows homeowners to quickly scan a case and derive useful information. Kevin Levonas, President of Loan Modification Studio, goes on to explain, “On other websites, you’ll often see comments explaining certain foreclosure strategies. And than you’ll see comments from other opposing parties explaining how those strategies won’t work. Generalities are great, but I always thought, show me the case law. Well now we have that resource.”
In addition, the site offers a paid, and even more appealing, free loan modification service. The process is the first of its kind online: Once a month, a competition is held whereby Loan Modification Studio chooses five homeowners looking to avoid foreclosure with a loan modification. Next those five contestants are than voted on by the community and the general public. Finally, one winner is chosen and is given a pro bono loan modification.
Both of the highlighted resources above are just two of many available to homeowners visiting the site. Also available are current events, general foreclosure articles, a newly launched forum, a new blog titled foreclosureopinion.org and in the near future, they’re looking to offer an investigative reporting section, in addition to offering a document preparation service tailored to homeowners wanting to perform their own loan modifications.
The website is expanding but not at the pace Kevin is accustomed to. The website is being funded not by the government or outside parties but by Kevin Levonas alone and so he goes on to explain, “Our resources and creativity are limited only by the almighty dollar, which right now is my limited dollar. I wish I could offer every homeowner free information and free legal services.”
Loan Modification Studio.com was just recently updated. Kevin Levonas explains the change, “We constantly scan the internet looking for content and service voids. Those voids become opportunities for Loan Modification Studio to offer something that the competition has overlooked. Visitors, especially homeowners, benefit from this constant improvement.”
“We are progressively improving the site. However, the additions are with much thought and consideration. For example, before adding anything to the site we look at whether a certain potential resource will support the homeowner decision making process”, remarks Kevin Levonas. Anica John Esq., a Pennsylvania and N.J licensed attorney elaborates on the process by saying that, “Homeowners must first identify the problem, next understand their options using available resources, and than seek appropriate representation.”
Identifying the problem goes further than just admitting one is behind in their mortgage payments. To really root out the problem, homeowners should also identify their emotional state. Emotions really affect the decision making process. Consider the following. In a Harris Interactive Poll, when most homeowners were asked “what feeling would best describe you, if a home foreclosure were likely”, 38% of homeowners responded scared and 35% described depressed. These feelings are translated into homeowners failing to act logically. M. Lucey, CEO of a non profit in California, once remarked that “Fifty percent of homeowners don’t even speak to their bank before their houses are foreclosed on.” A Freddie Mac poll came to the same conclusion, “Homeowners fail to contact their lender because they feel embarrassed, don’t believe the lender can help, and/or believe it would cause them to lose their home more quickly.”
Loan Modification Studio is a website used to help homeowners perform loan modifications and stop foreclosure. For more information please visit http://www.LoanModificationStudio.com . Kevin Levonas, a 26yr serial entrepreneur, has successfully owned and sold companies in the past. He believes the private sector can contribute a lot to helping distressed homeowners throughout the U.S.
Media Contact: Nasim Dibaee