The Bush administration Tuesday announced a plan to help struggling homeowners avoid losing their homes to foreclosure.
The program would let qualified homeowners who are at least 90 days late on their mortgage payments pause the foreclosure process for 30 days.
During the extra time provided by the program -- called Project Lifeline -- lenders and borrowers would try to work out more affordable terms, said Secretary of the Treasury Henry Paulson.
"Project Lifeline is aimed at homeowners who face a real risk of losing their home and have not yet addressed the problem," he told reporters. "Perhaps they are hoping to find a way to get current on their mortgage payments, or perhaps they don't think any solution is possible. For whatever reason, they have not yet taken action. Our hope is that today's announcement will reach them, and they will reach out immediately for help."
What a great idea! Let’s allow people who are already 90 days late another 30! It’s so simple, so….BRILLIANT! Let’s face it, people who are that far behind in their mortgages, probably aren’t going to be able to do much except for begging the lender to renegotiate. If that fails, then the lender simply needs to take a bath and the homeowner needs to sell their home, move into an apartment, and chalk this up to a valuable life lesson learned.
If they don’t understand how they got into this mess, then they need to be swatted on the nose with a rolled up newspaper until they learn. NO! Bad lender! Bad homeowner! Rub their noses in it for good measure.
Travis
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