Industry NewsMortgage

Borrowers can file for help online

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Anticipating a flood of requests from troubled borrowers hoping to participate in the Obama administration's plan to modify or refinance up to 9 million loans, the HOPE NOW coalition of mortgage servicers is taking applications for assistance online.Troubled borrowers can now apply for help from their mortgage servicer by submitting details about their financial situation at HopeNow.com, the Web site operated by the alliance of mortgage servicers and nonprofit counselors.The online application form supplements the existing HOPE NOW hotline, (888) 995-4673, and servicers are promising to respond to applications within five to seven business days to confirm the process has begun.The Obama administration announced its two-pronged "Making Home Affordable" program March 4. One component of the program, the "Home Affordable Modification Program," will provide $75 billion in incentives aimed at helping up to 4 million homeowners negotiate loan modifications or short sales ...