If you’re 90 days or more behind on your payments, regardless of whether you’ve tried to negotiate a workout plan with your lender in the past or not, you may now have an additional 30 days to negotiate…if you’re not in bankruptcy or have a foreclosure sale within 30 days, that is.
But you have to ask for it.
The difference between Project Lifeline and the interest rate freeze program announced in December 2007 is that Project Lifeline covers all types of mortgages, not just sub-prime mortgages. The lenders involved (listed below) cover about 50% of the mortgages in America. And even if your lender hasn’t agreed yet, there’s a pretty good chance they will due to political and industry pressure.
- Bank of America
- Citygroup
- Countrywide
- Wells Fargo
- JP Morgan
- Washington Mutual (WaMu)
(2-19-08) – According to Default Servicing News, the Hope Now Alliance has come on board with Project Lifeline. So what’s this mean to you? It means 90% of sub-prime loan services and about 70% of the entire mortgage market is now behind Project Lifeline.
If you qualify for the program, your lender is supposed to mail you a letter. But we recommend not waiting for it to arrive if you think you qualify. Contact your servicing lender and ask them and then follow up.
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Tags: bank of america, citigroup, countrywide, jp morgan, lifeline, loan modification, negotiation, project lifeline, rate freeze, wamu, washington mutual, wells fargo, workout plan
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