Monday, September 14, 2009
Project Lifeline has been launched together by U.S government and six major mortgage lenders to help distressed homeowners to avoid bank and government foreclosures. According to U.S. Treasury Secretary Henry Paulson "the public-private collaboration is intended for troubled homeowners who are more than 90 days delinquent in their monthly mortgage payments."He explained that “outreach project is different from other initiatives because it targets troubled homeowners who are on the edge of bank and government foreclosures, but have not made any action to address the problem.”
According to sources, delay in sale of bank and government foreclosure homes was always a standard procedure so that the distressed borrowers would get time to save his property from foreclosure.
This project was set up to help distressed homeowners to pay attention to letters and telephone calls from mortgage companies and to seek assistance as early as possible to prevent losing their properties to government and bank foreclosures.
According to sources, delay in sale of bank and government foreclosure homes was always a standard procedure so that the distressed borrowers would get time to save his property from foreclosure.
This project was set up to help distressed homeowners to pay attention to letters and telephone calls from mortgage companies and to seek assistance as early as possible to prevent losing their properties to government and bank foreclosures.
Labels: Project Lifeline avoids bank and government foreclosures
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 6:20 AM
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