Los Angeles, CA (PRWEB) September 21, 2011
The US housing industry is in the midst of an unrelenting foreclosure crisis. Millions of families have lost their houses to foreclosure and millions much more are expected to shed their houses in the next few years. With residence values plummeting and unemployment at record levels, property owners are drowning below the weight of their mortgages and debt obligations. According to analyst Laurie Goodman from Amherst Securities Group, roughly ten.four million mortgages, or one particular in five outstanding residence loans in the U.S., will most likely default if Congress refuses to implement new policy adjustments to avert foreclosures.

Winston Hardson, CEO of ForecloseByowner.com, is a Realtor and holds the Quick Sale & Foreclosure Resource certification (SFR) from the National Association of Realtors, began the new service in response to the growing foreclosure crisis. ForecloseByowner.com is developed to increases homeowners overall understanding of the foreclosure process (including procedures and techniques), and supply specific foreclosure defense strategies. Using social networking technologies, members can connect with and receive timely foreclosure prevention tips from people and experts that they may not have had the chance to beforeincluding other homeowners, genuine estate agents, foreclosure attorneys, and non-profit counselors.

The strength of the ForecloseByowner network centers around user profile information and user generated content. Homeowner profile details includes but not limited to: 1st name, state of residence, name of lender/servicer, and mortgage default status. For professionals and businesses, profiles incorporate name, license quantity, web site address, and employment information. To make certain privacy, members have the option to manage regardless of whether their data is visible to their connections, their broader network of second and third degree connections, or the whole ForecloseByowner.com network.

Upon initial sign up, network algorithms will automatically advise to new members other members, news, groups, videos and articles. The algorithms behind the recommendation engine are based on user relevance, and highlight content and people primarily based upon profile data (state, lender, foreclosure status) similar to Facebook.

There are hundreds of foreclosure defense blogs and message boards on the web, but these that really offer relevant, timely and information sharing tools built around neighborhood are non-existent, says Winston Hardson. Through ForecloseByowner.com, members can for example, join a loan modification group and share with other trusted members their loan modification documents they received from the lender and receive actual time feedback. No other internet site provides these functions for house owners facing foreclosure.

Important characteristics incorporate: