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!