They Call it Project Life Line!

By
Mortgage and Lending with Oceanside Mortgage Group Inc

More like “Project Joke”! This is the governments answer to helping people save their home. The premise of this is that most of the key mortgages service providers have collaborated with the government on putting a 30 day stay on a pending foreclosure. This means that anyone who is facing a foreclosure with the lenders that the government has approved will get some extra time before the pending event.

Here is the link that explains all of Project Lifeline http://www.mortgagenewsdaily.com/2122008_Project_Lifeline.asp

As you read it you will notice that NOT one of the banks is required to make a work around for the customers who are about to lose their home.

Here is a novel idea, lets refi the customers in to a lower rate, and maybe give them a forbearance on the 2 months of payments to help the people get off their feet! Since the bank already owns the loan it would be easy for them to modify the current note on the property. No credit check, just a few papers to sign. Easy...

Why do we always have to have these complicated plans to help people out!

Comments (4)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com
Yes, It is a politicians grand gesture that is not going to solve much.  Giving another month to people that have not been able to do anything or can't meet the banks solutions is not going to make a difference.  Just more inventory all at once.  ........WATCH OUT FOR FALLING HOME PRICES.........
Feb 17, 2008 09:48 PM
Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

While the 30-day stay is welcome is it enough time and are the investors that willing to make a change and keep the property from going to foreclosure?

Hope it works out better than FHA Secure. Great idea/lousy results.

Happy Selling!
Tony Grego - Indiana Mortgage Broker

Feb 17, 2008 10:30 PM
Tara Colquitt
Tara Colquitt, The Credit Woman, LLC - Philadelphia, PA
Credit Counselor
George I firmly believe the legislators need to talk to the people in the industry and let them make the rules. Theirs just don't make sense.
Mar 12, 2008 11:38 PM
George Doumaney
Oceanside Mortgage Group Inc - Providence, RI

100% correct.  The government needs more input from industry professional... 

 

-George 

Mar 13, 2008 02:49 AM