GMAC Mortgage and the state of Maryland are working on a web portal that will exchange foreclosure mediation documents electronically.
GMAC is funding the development of the web portal that will be based on the proprietary Hope LoanPort that is used by housing counselors, servicers, investors and others.
"Preparing for the mediation process can sometimes be overwhelming and HOPE LoanPort offers borrowers a convenient option to assist with the process," said Steve Abreu, president of GMAC Mortgage.
The foreclosure portal is scheduled to go live in October. "We're proud to be the first mortgage servicer to use this web-based tool,” Abreu said.
Maryland homeowners who receive a foreclosure notice have 25 days to opt-in to foreclosure mediation.
State housing secretary Raymond Skinner said the new web portal will make the mediation process more efficient.
"The HOPE LoanPort, direct-to-consumer foreclosure mediation portal will make it easier for us to track the progress of those in mediation," Skinner said.
