Project Lifeline

Will it help?

It's an addition of the Hope Now Alliance.

If you are 90 or more days late on your mortgage this new "plan" is aimed at you. Typically a lender doesn't even start the process before the loan is 90+ days delinquent.

6 large lenders are said to be on board. Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

They will stall the foreclosure proceedings for 30 days and give you a chance to catch up, refinance, short sell or modify your loan.

Not sure about other states but here in California the homeowner has the right to postpone the trustee sale. It's not complicated, you just have to ask.

Did you know that?

What's more, many times the Lender will grant them a postponement of 90 days!

Isn't this better information that should be delivered to the homeowners instead?

Are you surprised? Ready for another bigger surprise?

The Homeowner can postpone up to three times!

For Californians, I see this new plan as completely unnecessary and a bogus.

What do you think?