WASHINGTON – March 10, 2009 – HOPE NOW, a nonprofit alliance of mortgage companies, housing counselors and others in the lending business, has added a new tool to its website enabling homeowners to initiate a loan modification or refinance with their lenders by submitting online application.

The new online intake form, at www.hopenow.com, asks homeowners for information about their lender and mortgage, as well questions about their income, debt, expenses and other things needed to proceed with a loan modification.

HOPE NOW said it launched the online tool in anticipation of the Obama administration’s $75 billion home rescue plan detailed last week. Lenders are expecting a large number of inquiries from homeowners seeking help in the coming months.

Once homeowners submit their application through the website, it is then routed directly to their mortgage servicing company or lender. Borrowers should get confirmation from their lender within a week that the process has begun, HOPE NOW said in a statement.

The nonprofit said that homeowners dealing directly with their mortgage company could receive help faster.

To make an online application, visit www.hopenow.com or call (888) 995-HOPE.

Source:  FAR