
LoanMod.com was established in 2005 by Moose M. Scheib, a corporate lawyer, entrepreneur, and Columbia Law graduate. While working at a leading law company in New York City, Moose received a call from his uncle who was heading into foreclosure and needed aid. After exploring several options without success, Moose decided to gain out the lender directly to work out a deal so that his uncle could keep his home a house that had been in the family for 26 years. After several months of negotiations, the bank was convinced that it makes better economic sense to work with the homeowner rather than foreclose.