Hope LoanPort(R) and Your Loan Modification
If you are seeking a loan modification from Bank of America, you will soon be required to submit your documents through an online portal called Hope LoanPort. We recently received this notification from Bank of America:
After reading this, I decided to take a look at the LoanPort website. Although Bank of America is the only lender converting to the exclusive use of the portal at the end of the month, many other loan servicers are at very least set up with LoanPort. Hopefully, this site will lead to a more accountable and reliable loan modification process. Many home owners who have attempted to secure their own loan modification know that it can be a full-time job, submitting documents only to re-submit the same documents several times. This web portal should resolve this problem.
In addition to providing a portal for submitting documents to your servicer, the site offers other assistance to homeowners. For example, the site can connect you with a HUD-approved housing counselor (they provide free assistance) and even has external links to services provided by the government, by investors, and even non-profit groups like No Paws Left Behind, a resource for homeowners that can no longer keep their pets due to relocating.
As we move forward using the site for our clients who are Bank of America customers, we will see how much this site streamlines the loan modification process. At a bare minimum, it's a nice resource that puts a lot of information in one place. This is invaluable on its own.