Project Lifeline and Hope Now, Plans to Prevent Mortgage Foreclosure

The Housing Market blows.  For owners, for buyers, for Lenders.  No one is doing well right now.  Project Lifeline is an attempt to make it less bad.  How the plan works is straight forward.

Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual & Wells Fargo united to create Project Lifeline program to help the Mortgage payment crisis silhouette software. You should see this to select best mortgage broker.

These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. It is always good to have guide from Mortgage Broker Melbourne herunterladen. The homeowners will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to homeowners.You can have more info here about getting best out of mortgage broker.

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“Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure,” Housing and Urban Development Secretary Alphonso Jackson said at a joint news conference with Treasury Secretary Henry Paulson.

Project Lifeline is designed to create affordable deals that will help homeowners delay foreclosures and improve payment situation.

According To Boston Herald Project Lifeline expands on a program called “Hope Now,” which President Bush and U.S iphone video herunterladen. Treasury Secretary Henry Paulson unveiled in December.

Under Hope Now, major lenders agreed to voluntarily “freeze” low-cost “teaser” rates on some subprime adjustable-rate mortgages for five extra years.

However, critics charge that the Hope Now plan does little for some 1 million borrowers facing imminent home loss. That’s because the program only covers people no more than 60 days behind on their loans. But Project Lifeline aims to help people who are further behind on mortgages.

The Mortgage Bankers Association reported that at least 1.3 million home mortgage loans were either seriously delinquent or in foreclosure at the end of the July-September quarter.

Private economists are forecasting that the number of foreclosures could soar to 1 million this year and next, about double the 2007 rate.

Officials did not have an estimate of how many people might be helped by the new “Project Lifeline” program.

Democratic critics said the administration was still not doing enough to help with a serious crisis that has slowed the overall economy to a near standstill and raised worries about a full-blown recession.