Can Project Lifeline Really Prevent Foreclosure?

Many have been waiting for the Federal Government to do something to stem the ebbing tide loss and possible homelessness those in foreclosure currently face.  But the plan announced by the Bush administration just recently, while a welcomed and well received help harbors its own disappointments.  Only about 425,000 of the USA homeowners who are currently facing foreclosure would be eligible for this assistance.  And that help specifically begins with a meager 30 day delay of losing one’s property, involves the bank taking the initiative to call the homeowner and try to work out a more affordable mortgage for the delinquent borrowers. 

This plan will not be available to bankrupt homeowners, those who face foreclosure within 30 days and borrowers who bought investment or vacant properties.  According to Henry M. Paulso, Treasury Secretary “None of these efforts are a silver bullet that will undo the excesses of the past years, nor are they designed to bail out real estate speculators or those who committed fraud.”  Instead “These efforts are to help American families who both want to and can, through a loan modification or re-financing, stay in their homes.”

So really you may ask, “where is the plan or help or assistance for the rest of us?”  How does someone who does not  meet the plan’s criteria, who didn’t participate in any kind of mortgage fraud, and who is not in bankruptcy but just happens to be in foreclosure, stop those legal proceedings and keep their home?  Many feel the impelling urge to blindly respond to one of those “I Buy Houses” signs.  Free Foreclosure Report is prepared carefully and comprehensively with the the intent to warn against making poor decisions while at the same time offering some viable advise.

Somebody who is facing foreclosure can do much to help their situation.  But one must take the initiative to take action and not wait for banks and big government to help.  Given the right knowledge and information it is possible to not only save your house but use this obstacle as an opportunity to grow and become better.  You can use it as a chance to grow and develop more in the area of finances.  And with the right knowledge and the right steps you can stop that foreclosure.

Thanks for spending your time reading this post.  Keep visiting the new Foreclosure Doctor Online for new information.  We have a wealth of fresh information online to help you Stop Foreclosure and Start Building Wealth.  You will find everything from How to Write a Hardship Letter? to How to Refinance Your Home.  I greatly welcome your comments and ideas on how I can better serve you.  

Later,

Peter