Bankruptcy

Project Lifeline: President Bush And Lenders To Announce Foreclosure Aid Plan

By Scott Riddle

From CNN.com -

The plan, called Project Lifeline, will allow overdue homeowners to suspend foreclosures for 30 days while they try to work out more affordable terms with lenders. It's not clear how many homeowners will be covered under the plan, but the proposal is aimed at delinquent homeowners whose mortgages are 90 days or more past due. The plan initially will involve six of the largest mortgage lenders -- Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

Apparently, this program will not be available to debtors in bankruptcy.  It is also unlikely to be a long-term fix for borrowers who cannot afford their house payment and cannot re-finanace at a lower interest rate.

Full post as published by Georgia Bankruptcy Blog on February 12, 2008 (boomark / email).