February 12, 2008
Foreclosure News - Bush Foreclosure Project Lifeline
The Bush administration Tuesday announced an expanded plan for lenders to help homeowners by temporarily suspending foreclosures for people facing the imminent loss of a home.The plan, called Project Lifeline, will allow overdue homeowners to suspend foreclosures for 30 days while they try to work out more affordable terms with lenders.Following are the highlights of the news related to Project Lifeline:
1.      Feds announce Project Lifeline for homeowners 90 days behind on mortgages
2.      Plan involves major lenders who agreed to widen efforts to help borrowers
3.      Project Lifeline will allow overdue homeowners to suspend foreclosures for 30 days
4.      Plan builds on progress begun by the administration's Hope Now Alliance
This plan covers anyone with mortgage payment 90 days overdue which is different from the Bush's previous plan in December 2007, which only covers borrowers whose loan were made between Jan.1, 2005 and July 31, 2007. This plan can save much more homeowners from foreclosures. However, the number of homes how many can be saved is hard to estimated.  As pointed by a bloger in http://foreclosure-help-centers.com, that one thing is for sure, that is, homeowners who don't have income to pay mortgage even with lower interest rate and better terms still have to face foreclosures.
To read the news click HERE.
To watch the news on the video, click HERE.
To post your questions for help, click HERE.
To list your home for a short sale for free, click HERE.
Pownce it!
Comments
February 13, 2008
Frank Andrade said:
Bush need to do better job than that. This program does not help me because when I call my lender they told me it only work for those people who have mortgage with the lender that did not sold to other lender. For example my lender was ACM brought by HOMEQ therefore you can not get help. This is thing Bush Adm need to look into.
It would be nice for them to come with plan to help you regard who's your lender whether they went out business or the new.
we all need help sometimes. Tell Treasury Secretary Henry Paulson and Faith Schwart nice try. but it does not work for some people that really need the help.
Tell them to call the lender them self the lender would tell them what they told me.
Modify loan is a good idea.
Thanks
any question I can be reach at 508-567-9187
February 14, 2008
North Georgia Mountains Real Estate said:
I'm sorry but isn't this for people with ARM problems not loss of employement. Isn't that what unemployemtn is for!