Feds throw out a new lifeline

The government’s latest program nick named “Project Lifeline” has been enacted to help curtail the one million plus foreclosures that is estimated to take place between now and the end of the year. Six of the largest mortgage lenders have joined forces under this program. They are Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., J.P. Morgan Chase and Comp. Washington Mutual Inc., and Wells Fargo & Comp.
These lenders will be contacting their customers who are 90 days or more pass due on their mortgage payment and offering a 30-day reprieve before foreclosure proceedings are initiated. During this time period, the lenders will be working with the homeowners to restructure their mortgage loan in hopes of lowering the monthly payment enough to stop the foreclosure altogether.
Homeowners who have already entered into foreclosure, within 30-days of being foreclosed upon, or the loan is for an investment or vacation home will not qualify under this program.
Officials are also encouraging homeowners to call Hope Now Alliance, which is an organization that is helping homeowners during this difficult time. Their toll free number is 1-888-995-HOPE (4673).



Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622dwing@academynational.net