The program was put together by six of the nation's largest financial institutions, which service almost 50 percent of the nation's mortgages.
These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.
"Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure," Housing and Urban Development Secretary Alphonso Jackson, said at a joint news conference with Treasury Secretary Henry Paulson.
Project Lifeline members Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual & Wells Fargo
Great opportunity for homeowners to get some time to think and solve problems and inventory to sell down...
Is it a good thing... will it really help... who is going to benefit
