By
The Associated Press
.
Published: Tue, February 12, 2008 - 12:21 pm
Last Updated: Tue, February 12, 2008 - 1:31 pm
WASHINGTON (AP) - The Bush administration has unveiled a newinitiative aimed at helping homeowners about to lose their homes.
For qualified homeowners, it would put the foreclosure process on
hold for 30 days.
"Project Lifeline" will be available to people who have taken
out all types of mortgages, not just subprime loans that were the
focus of previous relief efforts.
The effort involves six of the nation's largest financial
institutions, which service about half the nation's mortgages.
The 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.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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