Welcome to the official Blog of BuyOwner.com

BuyOwner.com buy sell trade rent

  • Home
  • About BuyOwner.com
  • Popular Posts

Delay in Foreclosure Process

Feb14
2008
5 Comments Written by Carrie

In 2007, the Mortgage Bankers Association noted that half of the 1.3 million home mortgage loans were in foreclosure at the end of the July-September quarter. With only one month under our belt this year, private economists already expect the number of foreclosures to double to an astonishing one million in 2008! A new plan announced by the Bush administration on Tuesday, February 12 hopes to alleviate this problem.

Put together by six of the nation’s leading financial institutions, “Project Lifeline” gives homeowners threatened with foreclosure a 30-day extension. These institutions include Bank of America Corp., Citigroup Inc. Countrywide Financial Corp., J.P. Morgan Chase and Co., Washington Mutual Inc. and Wells Fargo & Co. As members of the Hope Now Alliance, created by Bush in December, these lenders are responding to a huge mortgage crisis here in the United States.

Previous relief efforts have focused solely on high-cost subprime loans. For example, last year, Senator Hillary Rodham Clinton called for a moratorium on subprime 90-day foreclosures. However, this plan was biased against certain homeowners. The “Project Lifeline” initiative is designed to help everyone, no matter what type of mortgage is owned. Homeowners who are at least 90 days overdue on their monthly mortgage will be contacted and given the opportunity to put the foreclosure process on hold for 30 days. During this time, lenders will help said homeowners to a pay a more reasonable rate per month.

The obvious goal of the project is to give homeowners a way out, and to negotiate with lenders on more affordable mortgages. However, if a homeowner has already declared bankruptcy, has an impending foreclosure date or has a mortgage on an investment property or a vacation home, he or she will not be eligible for this program.

Though the program does not guarantee that every struggling homeowner will be helped by “Project Lifeline,” many supporters believe it is a step in the right direction.

Related Reading

  • “Oops:” How Mortgage Lending became a Crisis
  • Dunedin Named Top Waterfront Retirement Locale
  • REAL ESTATE TERM: EQUITY
  • Florida Real Estate Bottoms Out?
Posted in Market News - Tagged foreclosures, mortgages, news
SHARE THIS Twitter Facebook Delicious StumbleUpon E-mail
Similar posts
  • Florida Real Estate Bottoms Out? — According to a recent article in the Miami Herald, Flori...
  • What To Do with Two Mortgages — In last week’s selling-tips post, we looked at the...
  • Dunedin Named Top Waterfront Retireme... — Photo by Kthypryn According to a recent Money Magaz...
  • REAL ESTATE TERM: EQUITY — WHAT IS EQUITY? Simply put, equity is the financial inter...
  • “Oops:” How Mortgage Lending became a... — Chances are, you have heard the phrase “mortgage crisis” ...
« Go Green This February!
» Spring is Coming!

3 Comments

  1. Jason Elder's Gravatar Jason Elder
    February 14, 2008 at 11:24 am | Permalink

    I found your site on google blog search and read a few of your other posts. Keep up the good work. Just added your RSS feed to my feed reader. Look forward to reading more from you.

    – Jason.

  2. Peter Quinn's Gravatar Peter Quinn
    February 14, 2008 at 12:00 pm | Permalink

    I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you.

    Peter Quinn

  3. RefinancingTips's Gravatar RefinancingTips
    April 29, 2008 at 6:24 am | Permalink

    Great read. I think I’ll subscribe to this as it has some good info! Thanks. I do apppreciate the blog 🙂

  1. FSBO Jane » Selling in a Bad Market on February 18, 2008 at 5:21 pm
  2. FSBO Jane » Yahoo RE: Arson Latest Trend? on February 27, 2008 at 8:22 am

Leave a Reply Cancel reply

You must be logged in to post a comment.

About the BuyOwner.com Blog

Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.com® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

You can read more about BuyOwner.com here.

Article Archives

Buy Owner Links

  • BuyOwner.com on Facebook
  • BuyOwner.com Testimonials
  • BuyOwner.com Website
  • Twitter: Buy Owner

Blog Roll

Real Estate Top Blogs Real Estate Blogs - BlogCatalog Blog Directory Add to Technorati Favorites Find the best blogs at Blogs.com. Blog Directory Home Improvement Blog Directory

Subscribe

Enter your email address:

Delivered by FeedBurner

Tags

31 reasons to sell with buy owner adding value to your home buying a home buying a house buy owner Buy Owner experience curb appeal decorating eco-friendly eco-friendly tips environment florida fsbo Green Living holiday home decorating Home Improvement home improvements home ownership home selling how to sell your home interior decorating interior design kitchen Market News moving real estate real estate market real estate selling real estate tips Regional Info selling selling a home selling a house selling Buy Owner selling by owner selling for sale by owner selling fsbo Selling Tips selling with buy owner selling your home spring staging using buy owner winter

EvoLve theme by Blogatize  •  Powered by WordPress BuyOwner.com Blog
Tips and info for people selling & buying their homes "Buy Owner"