Borrowers with GMAC Mortgage loans will soon be able to apply for foreclosure alternatives online due to the bank's recent partnership with web mortgage tool provider Hope LoanPort.
The two firms are launching Homeowner Connect, a consumer web portal that aims to give borrowers the chance to streamline all loss mitigation activities launched by mortgage servicers and borrowers.
The solution allows distressed homeowners to obtain free information on government and industry options by simply logging into the system.
"GMAC Mortgage is committed to preserving homeownership whenever possible," said Dana Dillard, senior vice president of GMAC Mortgage. "In that spirit, we're proud to support this initiative with Hope LoanPort to provide useful tools and education to borrowers."
The strategic partnership also includes an agreement between HLP and MortgageKeeper Referral Services, a web-based tool that includes information from 6,000 nonprofits and government agencies. The tool allows Home LoanPort users to find local solutions that fit their individual situations when they are searching for foreclosure alternatives.