Banks Announce 'Project Lifeline' For Homeowners

Banks Announce 'Project Lifeline' For Homeowners

GREAT NEWS !!!!

While watching FOX News tonight they were talking about a new program to assist delinquent home owners from loosing their homes to foreclosure offering a 30 day freeze option on some forecloures.

Project Lifeline will apply to all loan types, including prime, subprime and Alt-A mortgages, as well as home-equity and second-lien loans, according to Treasury Secretary Henry Paulson. HUD Secretary Alphonso Jackson added that only half of all lenders in foreclosure had contacted their lenders about workouts.

This program is not only for subprime debtors who borrowed more than they could afford. It won't help everyone, but you don't know unless you call your mortgage comany to find out.

I'm a Loss Mitigation Consultant for a Company that represents several mortgage companies. I vist many home owners  each month and I have been seeing signs of this over the past several months where lenders are offering Loan Modifications to home owners to help get them back on track. The last thing a mortgage company wants to do is foreclose on your home. They are willing to work with you if you will only take the time to communicate with them.

A key to knowing how they can help you is first to call your motgage company. They can't help you if they can't speak to you.

Here are some great links you may want to view.

AP News