“Project Lifeline” was announced by the Treasury Department today.
Six major lenders are offering to delay some foreclosures for 30 days to try to work out a more affordable mortgage for those delinquent on their mortgage payments for more than 90 days.
The lenders participating are:
Bank of America
JP Morgan Chase
Collectively, these lenders service almost 50% of the nations mortgages.
According to the Treasury Department release, this program is:
. . .a targeted outreach to homeowners’ 90-days or more delinquent that may lead to a “pause” in the foreclosure process. This is an important new initiative, targeted to reach not only subprime borrowers, but all 90-day delinquent homeowners nationwide with a step-by-step approach to find individual solutions to individual problems.
Note this isn’t a law and these (and other) financial institutions are not obligated to work with any delinquent borrower.
If you think you may benefit from this program, you should contact your lender.
[tags]Project Lifeline, foreclosure, foreclosure delay freeze[/tags]