dothanhomesearch.com

By: Charles Woodall
Managing Broker

http://www.dothanhomesearch.com

The Bush administration announced yesterday its latest attempt to help homeowners facing foreclosure. The plan, called Project Lifeline, involves six different mortgage companies offering to ?pause? the foreclosure process for their customers to allow time to seek a change in the terms or maybe the type of mortgage to something the homeowner can manage.

Here are the highlights from the Wall Street Journal article.

• Participating mortgage companies include Bank of America, Citigroup, Countrywide, JPMorgan Chase, Washington Mutual, and Wells Fargo. More mortgage companies may be added.
• The program will pause foreclosure proceedings for 30 days to give the mortgage company and the homeowner time to evaluate modifications to their mortgage or refinancing options that might save them from foreclosure.
• The mortgage companies involved have agreed to be proactive in contacting homeowners that are over 90 days behind and give them a step-for-step approach to taking advantage of the pause.

One thing the article mentions, but bears repeating, is that this or any other program will not help you if you don?t take advantage of it. Be proactive yourself by communicating with your mortgage company and trying to work something out!

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1. foreclosurefish said at February 13th, 2008 at 2:17 pm

   The one good point about this is that lender’s have decided to proactively contact homeowners. Usually, loss mitigation departments sit around waiting for calls to come in, while collection departments make the outgoing phone calls. In fact, there are little known occurrences of loss mitigation specialists for lenders ever calling anyone back! But if the mortgage companies actually called homeowners to offer them hope instead of threats, more homes would be saved. That would be the most significant contributing factor to the eventual success of this program, if they actually let off on the threatening collection calls.

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