Project Lifeline has its fans and its detractors. While currently limited to six of the largest lenders, if successful at keeping more homeowners in their houses, getting them into financial counseling, and alleviating some of their fear, it is hoped that more lenders will join in the effort. While I strongly believe that by and large the lenders did operate within the law and that many foreclosures are the result of fully-informed borrowers trying unsuccessfully to make a fast buck, it would be hard-hearted and inaccurate to paint all troubled borrowers with the same brush. And any effort to be humane and help those who genuinely need it should be supported by all mortgage industry players. It’s not a panacea, as Treasury Secretary Paulson stated. But while the big six are the ones making the effort the entire industry may benefit. A pragmatic approach to solving the problem rather than spreading blame is what we need now. The linked document here is a more comprehensive description of spefic efforts by lenders and who they are designed to help (and yes I wrote that article so be nice)
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I agree, Gina. It’s time to just save those who can be saved and move on with promises of doing restoring standards. Nice article.
This is exactly what the industry needs, and I, too, hope that more lenders jump on board. And I agree that everone will benefit. Fewer foreclosures means less degredation of home values. There were two foreclosures in my neighborhood and that hurts our comps. Like you said, it’s time to stop pointing fingers. It’s time for lenders and borrowers to work together, case by case, and start finding solutions. Nice post.
Gina, well written article.
Paulson’s had some solid quotes recently.
“If you can’t afford to live in a home, you’ll go back to renting”
True.
This blog is great. You are providing valuable information to all homeowners. I would also recommend the following guys http://mortgagebuyerbasics.com/ they really helped me out of a sticky foreclosure situation. Some of the services they provide are loan modification/loan restructuring/ loan refinance. The guy who worked out my forbearance agreement was excellent.
Before taking up a loan its is wise to understand the foreclosure process. I learnt it the hard way. Don’t repeat my mistake.