If your home based business was threatened by the potential loss of your home to foreclosure, the Hope Now problem may help.
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The lenders who represent 50% or more of the mortgage lending market have signed on to a deal that involves the Treasury and HUD in a “private” effort called “Project Lifeline”. It gives relief to homeowners who are already 90 or more days behind on their mortgage.
“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,” Treasury Secretary Henry M. Paulson Jr. wrote in statement released Tuesday. “No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations. But Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes.”
The question remains why this couldn’t have happened before since it saves the lenders legal fees and the possibility of never getting their money back on their loan.
So my question is… is it the mortgage lenders who got thrown a government lifeline so that they’d act like decent human beings?
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