Project Lifeline Broadened

All 25 Members of Hope Now Alliance Join Foreclosure Pause

            Six of the major mortgage servicers that are part of the Hope Now alliance announced last week that they would be offering a temporary pause in foreclosure proceedings to homeowners who appear that they would be able to enter into loan modification agreements. This week the remaining 19 members of the Hope Now alliance have agreed to embrace the same guidelines in a program that is being called Project Lifeline.

The program is designed  to give homeowners who are three or months behind in their mortgage payments 30 additional days to look for help in working out agreements with their lenders and/or mortgage servicers in order to avoid foreclosure and let the homeowners keep their homes.


The addition of the 19 companies to the project was announced Tuesday and now should include up to 90 percent of Subprime borrowers and up to 70 percent of the mortgage market.

The members of the Hope Now alliance will begin acting on the process by sending out letters to the delinquent borrowers. These letters will include borrowers with mortgages ranging from Prime, Alt-A, and Subprime first mortgages as well as second mortgages and home equity loans. This 30 day pause will only apply to the homeowners who make a response to the efforts to contact them and start negotiations to work out their current loans.


For more information on Project Lifeline and other news affecting the mortgage & real estate marketplace, please contact Bill Kamboukos and Carlos Felix of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com

  

 

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