The newest effort to curb the mortgage foreclosure mess was revealed today. The Program termed Project Lifeline will give troubled homeowners a 30 day reprieve. This measure aims to give lenders and homeowners an opportunity to utilize loan modifications in order to avoid foreclosures. The obvious beneficiary of the plan is the homeowner, however it actually helps the lender as well. According to a recent article on CNN.COM it costs lenders an average of $50,000 per home to foreclose and resell a property. This being the case, lenders are equally motivated to avoid foreclosing, especially in some of these heavily inflated housing pockets.

Key Points

• Not confined to ARMS
• Not only available to sub-prime borrowers but to people with any kind of home mortgage
• Temporarily pause the foreclosure process to try and find a solution
• Loan modifications are possible
• If loans are modified & homeowners make payments on time for three months, the changes to the terms of loans will become permanent

Participating Lenders

• Countrywide
• Wells Fargo
• Washington Mutual
• Citigroup
• JP Morgan
• Bank of America

How's it Going to Work?

Participating lenders will send out letters to homeowners who are seriously behind on their mortgage payments. Homeowners will be asked to call their lender wherein, they will be asked if they want to stay in their home. At that point, the lender will arrange some sort of financial counseling and examine whether or not a loan modification is possible. Lenders are making no promises of loan modification, however this would obviously be the ideal outcome for both parties.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Do Lenders Really Mistreat Foreclosure Victims?
The question of whether lenders mistreat foreclosure victims has two sides and both are based on historical fact. The lenders' side is homeowners are financially irresponsible and are breaking a legal contract with the lender. The homeowners' perception of the foreclosure is that the lender is ... more...

Foreclosure Problems? Get Help
When a person becomes late on their monthly house payment, eventually the lender will begin foreclosure proceedings which in most cases will start with a notice of default or a lis pendens recorded with the county where the property is located. There are data companies that collect this information ... more...

How Mortgage Companies Continue to Worsen the Subprime Foreclosure Crisis
Foreclosure is quickly becoming a nationwide epidemic that will affect each and every one of us before it is cured. The only solution to this problem is for everyone to pitch in and fix the problem before it is out of control. Many of the lenders and servicing companies have taken measures to ease ... more...

This Is Only The Beginning Of The Swarm Of Foreclosure Houses
Delinquency and foreclosure rates are rising on subprime mortgages. As evidenced through the most recent results from the Mortgage Banker's Association National Delinquency Survey of first mortgage loans, foreclosure rates are on the rise. Currently, the national delinquency and foreclosure rates ... more...