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Project Lifeline: A Few Feet Short

The big news last week was the Treasury department and HUD introducing the New Hope Alliance and Project Lifeline. Project Lifeline extends the foreclosure process by 30 days for those that are seriously delinquent. The New Hope Alliance is comprised of the 6 biggest banks in the country which service approximately 50% of all home loans in the United States. The six Lenders include:

Bank of America

Countrywide

Wells Fargo

Citigroup

Washington Mutual

JP Morgan Chase

Many are criticizing the Bush Administration calling the program a "hands off" approach. These Lenders have attempted to contact 10,000 homeowners that fit the criteria via direct mail. They publicize a toll free number that troubled borrowers can call for help (888) 995-HOPE. They are reporting only a 16% success rate.

Many homeowners are understandably embarrassed or afraid to call for help. Or perhaps they are just ignoring the problem in hopes that it will go away. The bottom line is that Project Lifeline and the New Hope Alliance can only help borrowers that want to be helped.

Is this plan enough? Is it up to the Government to step in and bailout delinquent homeowners out of foreclosure?

For more information visit http://www.homenow.com.

Posted by Chris Breck, Advantage Title Company on 02/19/2008 08:54 AM

Comments (6)

chris breck, title, advantage title, project lifeline, new hope alliance, forclosure, bailout, hopenow, maryland title company

Post is included in group: National Mortgage Broker Workshop

6 Comments on Project Lifeline: A Few Feet Short

It is not up to the government to bail out these people - they should be bailed out by the people that took advantage of them - greedy agents and lenders, Karen

02/19/2008 04:53 PM

by Karen Kruschka - Fairfax Prince William Stafford County VA Real Estate Service (RE/MAX Allegiance)

Karen,

I can't help but agree. Thanks for the post.

02/20/2008 08:23 AM

by Chris Breck, Advantage Title Company (Advantage Title Company)

Your right Karen,

It's not up to the government, but seeing that over 200 lenders have gone under.... there appears to be no one left to bail them out!

02/20/2008 08:41 PM

by D. Bass ~ Blog: Ask The Underwriter (Alpha Mortgage Training)

You are right D. The big boys (New Hope Alliance) are doing their best. But unfortunately I think the damage is done.

02/21/2008 08:27 AM

by Chris Breck, Advantage Title Company (Advantage Title Company)

We are this state because greedy Banks,and there agents did what ever they wanted with the loans,So if the Government doesn't step in put a stop to it who is??Are the banks going to do it.. They are the ones who started it why would they stop it.Banks get their money any ways and as for the lenders who have under there small spin offs from the big banks, So if they go under its not big loss to them.We the small people are the ones who loose it all.Home ,credit and some times the family.And the banks just wash their hands off it..Your loss our Gain...$$$$$

03/07/2008 04:46 PM

by joe

National Housing Assistance may be able to help if you are facing foreclosure.

Call 877-264-2529 or 877-2-NHA-LAW

03/14/2008 03:42 PM

by National Housing Assistance

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