Project Lifeline

Keep your eye on the news today. They are to be announcing a plan called "Project Lifeline".
This plan is being put into place to help the mortgage crisis. Lenders such as Countrywide, Bank of America, Washington Mutual, Wells Fargo, Chase, and Citigroup are a part of the program.
These lenders are reportedly set to work with distressed homeowner's to try and catch up on their overdue mortgage payments. This would call for a 30 day freeze for anyone that is 90 days late on their mortgage. This will stall the foreclosure process and allow more time to negotiate terms to save their home! The difference with this plan is that it is not only for Subprime borrowers! This is for all mortgage holders! All of these lenders are currently in the HOPE NOW program that freezes ARM rates for subprime borrowers. They are being urged to extend this to conventional borrowers.
Only time will tell if all of this will help. The problem is that unless some serious payment modifications are made to these problem loans, it may only be a matter of time!
This program will no doubt help many people and I am all for it! I just hope people don't sit back and relax and think this will solve their problem. The fact is for many of these people, they cannot afford the home they are in. They are stretched way too thin and all it will do is take another bump in the road and they are right back to playing catchup!

Keep your eye on the news today and more information on this program goes public!

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