Will Foreclosure Freeze Help You Save Your Home

In an attempt to resolve the home mortgage foreclosure crisis, six major home loan lenders are offering to freeze foreclosures for thirty days. Project Lifeline is the latest response to ever-growing foreclosure rates by “Hope Now”, a government program formed to get a handle on the worst housing debacle in decades. Hope Now consists of a coalition of lenders, investors and non-profit groups that was created in October 2007, to work with the Bush Administration to try and get handle on the sky-rocketing rates of default filings and foreclosures.

Project Lifeline, announced today February 12, 2008, would temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments. Under this plan, legal steps of the foreclosure process that evicts seriously delinquent borrowers from their homes will be postponed for 30 days while lenders and borrowers try to work out payment options. This is supposed to allow the homeowner a little more time to try and work things out with their mortgage lender to stop foreclosure. The six lenders participating in Project Lifeline are members of the Hope Now coalition and some of the largest mortgage lenders in the U.S. The lenders currently offering Project Lifeline are Citigroup , Countrywide, Bank of America JPMorgan Chase, Washington Mutual and Wells Fargo.

Will Project Lifeline help you save your home from foreclosure? There is definitely more to the program and who will actually benefit. So come back for more on this Project Lifeline and how it will try and stop foreclosure rates and save borrowers homes.

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