The online portal HOPE LoanPort and GMAC Mortgage have teamed up on a program to allow Maryland homeowners and participating mortgage servicers to exchange documents in foreclosure mediation cases electronically.
The statewide program, announced by HOPE LoanPort on Wednesday and scheduled to launch in October, is aimed at streamlining foreclosure mediations.
A new state law allows homeowners to request mediation with their lenders before a foreclosure auction can occur.
GMAC Mortgage, which is funding the portal's development, is the first mortgage servicer to use the system.
HOPE LoanPort also has partnered with the state to provide an online portal for homeowners applying for unemployment assistance through Maryland's Emergency Mortgage Assistance Program.