February 13, 2008 by Miranda Marquit
Filed under Finance
There is a mortgage rate freeze on subprime loans. And mortgage debt forgiveness tax relief. And now Project Lifeline attempts to forestall foreclosures by having banks voluntarily delay proceedings in order to work out new mortgage loan terms.
[...] Bush Administration announced that it would be working with mortgage lenders in a venture called Project Lifeline. This project, which originally included only six mortgage lenders, prominent among them Bank of [...]
[...] more mortgage lenders are agreeing to modify home loan terms. The agreement is part of Project Lifeline, a program announced not too long ago in an effort to help homeowners facing foreclosure. Bank of [...]
[...] making your mortgage payments is going to be a problem, contact your mortgage lender. There are programs available to help you restructure your home mortgage loan so that you can make your payments. Letting your mortgage lender know ahead of time can help you [...]
[...] the bill say that it is likely to make mortgage lenders more amenable to voluntary programs like Project Lifeline. The specter of bankruptcy judges adjusting mortgage loan terms may encourage lenders to be more [...]
[...] of expected foreclosures in the coming year and a half to two years. Many say that such programs as Project Lifeline will be largely [...]
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Hi Miranda,
That’s great news indeed! It’s good to know that the government as well as the industry professionals are joining hands to help borrowers get out of their mortgage mess. However, it is yet to be seen as to what percentage of the borrowers really can utilize these programs to avoid foreclosure.
While one may avail programs like the rate freeze and the project lifeline, there are 17 ways and more that can otherwise help one avoid the foreclosure trap.
Some of the foreclosure prevention steps can be found at:
http://www.ezinearticles.com/?6-Steps-to-Help-You-Avoid-Foreclosure&id=326600
http://www.mortgagefit.com/foreclosure/17ways-avoid.html
Regards,
Jessica
Yes, well, it remains to be seen how much will really be done. And how helpful the mortgage lenders will actually be. Of course, the point is to try to keep people in their mortgages, if possible, so I’m not sure that they will get the best possible deals; it’s more likely that things will be arranged so that it’s just enough that people can keep paying, but not enough to help them really get their feet under them.