Project Lifeline
On February 12, 2008, six of the largest servicers, who
represent 50 percent of the mortgage market, announced Project Lifeline,
a targeted outreach to homeowners' 90-days or more delinquent that may lead to a
"pause" in the foreclosure process. This is an important new initiative,
targeted to reach not only subprime borrowers, but all 90-day delinquent
homeowners nationwide with a step-by-step approach to find individual solutions
to individual problems. The U.S. Department of the Treasury encourages all HOPE
NOW servicers to adopt this new program.
Project Lifeline is aimed at homeowners who face a real risk of losing their home, but have not yet addressed the problem. Perhaps they are hoping to find a way to get current on their mortgage payments, or perhaps they don't think any solution is possible. For whatever reason they have not yet taken action; our hope is that today's announcement will reach them, and they will reach out immediately for help – especially now that the foreclosure process is upon them.
For more information, go to
http://www.treas.gov/press/releases/hp820.htm.