| 1. "Project Lifeline" is backed by the U.S.
Treasury and Dept. of Housing and Urban Development and involves six of the largest
mortgage lenders including Washington Mutual, Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Countrywide Financial.
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| 2. The Program is designed to "Freeze" Foreclosure actions by 30 days
in order to give borrowers time to work out refinancing terms with their lenders. However, the lenders are not required to offer more favorable
terms to borrowers in trouble, but the Government is hoping that lenders will be more interested in helping the borrower than foreclosing on the
property.. |
| 3. This Program will cover ALL mortgages, not just the Sub-Prime Loans.
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| 4. To qualify for the 30 day "Freeze", the borrower must be 90 days or more Past Due
on the mortgage payment. Homeowners would NOT qualify if they are ALREADY in backruptcy, have a foreclosure sales date less than 30 days away,
purchased the home as an investment, or the property is NOT occupied.
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| 5. The Program takes effect immediately and for information, call 1-888-995-HOPE.. |
More to follow… |
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