PLAN LIFE LINE - "Pause Foreclosure for 30 days"

Check if you qualify for the "Freeze Rate " Program

Goverment Announced Plan Life Line
Pause Foreclosure for 30 days - Here how it works!

Update: January 16, 2009
The government has sent a letter to all homeowners that are participating in this program or that want to participate. Please scroll to the bottom of the page to read it.

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The Federal Goverment has convinced the biggest lenders in the country to designed a new plan to help homeowners with problems with their mortgages. The program is called Project Lifeline.

The program target ALL 90 days or more delinquent homeowners. Project Lifeline is encouraging homeowners to reach out to their mortgage servicer or counselor (fill out the form for the official list in your state) . The Project Life Line will pause the foreclosure process, where appropriate, through a single call

What you need to do to qualify for a mortgage modification?

Step 1 call your mortgage servicer.
Step 2 tell the servicer you have received the letter, you want to stay in your home and you are willing to seek counseling, if necessary.
Step 3 provide updated financial information so the servicer can explore an appropriate solution.
Step 4 if appropriate, any pending foreclosure may be paused for up to 30 days during this review process until a formal decision is made and, if possible, a plan is created.
o Step 5 If a workout plan is established and the homeowner follows the plan for three
consecutive months, their loan will be formally modified as they will have
demonstrated their ability to meet the requirements.
For more information please click here.
Check if you qualify for the Plan Life Line

There are several plans to help you with the mortgage. Do you qualify for one? Which One? Let's see

First you need to identify in which group or situation you are. The goverment has plans for everybody. You need to know to which you apply. In which group are you?

1. First Group : You have a "teaser" or introductory interest rate ( very low ) and you are NOT able to pay it. You will end up in Foreclosure

2. Second Group: You have a teaser rate that will adjust. When the rate resets and the monthly payments jump up you WILL be able to pay.

3. Third Group: You have a teaser rate and CAN refinance your house into another loan because you have enough equity. Your house is worth more than what you owe.

4 Fourth Group: You can afford the teaser rate, but CAN NOT afford a higher rate. You CAN NOT refinance because you owe more than the house is worth.

5. Fifth Group : you are already in foreclosure. You couldn't keep making the mortgage payment either because you bougth more house than you could afford, your teaser rate reset and it was too high, your financial situatio changed or any other reason.

PLANS ACCORDING TO THE GROUP

If you are part of the Second Group or Fourth Group you may qualify for the Freeze Rate Plan. Please keep making your payments on time and contact the goverment at the number 1-888-995- HOPE. If you have tried and were not able to talk to any one, we can refer you to one of the several non-profit and goverment approved agencies in your state. Please contact us filling out the form on the rigth side of the page. You can always contact us by email at info@hopenowmortgages.com

You need to apply to the freeze plan!!! For more information about the plan and to know the qualification requirements click here

Check to see if you qualify for the "Freeze Rate " Program

If you belong to the Third Group there is something for you too. The goverment created the FHASecure. This is a plan for homeowners with marginal credit who may have been late on a few house payments recently. Under FHASecure, some of these homeowners are eligible to refinance into FHA-insured, fixed-rate mortgages. If you are in this group please click in the link for more information. You can also contact us and we will refer you to a Mortgage Agency that we trust. They will offer you the lowest rate out there.

If you are in theIf you are in the First Group or Fifth Group this section is for you.

Six of the largest mortgage servicers, representing 50% of the market, announced "Project Lifeline" – a targeted outreach to homeowners that are 90-days or more delinquent that may lead to a "pause" in the foreclosure process.
The program target ALL 90 days or more delinquent homeowners. Project Lifeline is encouraging homeowners to reach out to their mortgage servicer or counselor (fill out the form for the official list in your state) . The Project Life Line will “pause” the foreclosure process, where appropriate, through a single call

What mortgages are eligible?

For now the six bigest lenders in the country are offering the Life Line Program. It is expected that the small lenders and other members of the Hope Now Alliance will join the program. For now just the next six.
* Bank of America
* Chase
* Citigroup
* Countrywide
* Washington Mutual
* Wells Fargo

Which are the qualifying Loans:

o All 90-day delinquent loans, including subprime, Alt-A, prime, second liens and home equity
loans, that are not:
o In active bankruptcy.
o In active foreclosure with sale date less than 30 days.
o Where the homeowner has indicated that they want to give up the home.
o Investment properties.
o Vacant properties.

Requirements for a Loan Modification:

• Homeowners must do the following to be evaluated for a loan modification:
o Call their servicer within ten days of receiving the notice.
o Tell the servicer that they have received the letter, they want to stay in the home and
they are willing to seek counseling, if necessary.
o Provide updated financial information so the servicer can explore the appropriate
solution.
• If applicable, homeowners already in the foreclosure process will have the process "paused"
for up to 30 days while they are evaluated for a loan modification.

What you need to do to qualify for a loan modification?

tep 1 – Call your mortgage servicer.
Step 2 – Tell the servicer you have received the letter, you want to stay in your home and you are willing to seek counseling, if necessary.
Step 3 – Provide updated financial information so the servicer can explore an appropriate solution.
Step 4 – If appropriate, any pending foreclosure may be “paused” for up to 30 days during this review process until a formal decision is made and, if possible, a plan is created.
Step 5 – If a workout plan is established and the homeowner follows the plan for three consecutive months, their loan will be formally modified as they will have demonstrated their ability to meet the requirements.

If you want us to contact with an Agency that provides Refinance options please fill out the form below.

FREQUENTLY ASKED QUESTIONS ABOUT PROJECT LIFE LINE
(Official information)

- What is new about this Program?
Today we are announcing Project Lifeline: A targeted outreach to seriously delinquent homeowners (90 days or more late) that currently face the greatest risk of losing their home. It’s an effort to directly “pause” the foreclosure process through a single call.
This is a special effort focused on reaching homeowners who are 90 days or more delinquent but who want to stay in their homes; it seeks to let them know that their servicer is anxious to consider them for a modification. By also offering the homeowner a foreclosure “pause” where appropriate, the servicer is letting the homeowner know that they’re serious about trying to find a loan modification that works, as well as giving both parties time to take action where a solution appears possible.

- What are these servicers committing to?
These servicers will begin by providing a letter to seriously delinquent homeowners giving homeowners a simple "step-by-step" approach that, if followed, may enable them to “pause” their foreclosure for 30 days while a potential modification is evaluated. Servicers will reach out to homeowners on a nationwide basis – with this step-by-step approach to finding a solution which
meets their individual needs. This is a broad, national approach to help all homeowners individually.

- What should homeowners do?
Homeowners should begin by calling their servicer and expressing their interest in keeping their home; the sooner a homeowner reaches their servicer, the more options the servicer has in trying to find a solution. The homeowner should prepare for the call by gathering income and expense documentation that might be needed by the servicer to consider a potential modification.

- Does this program guarantee a loan modification?
No, it does not guarantee a loan modification, but where homeowners express an interest in keeping their homes, servicers will try their best to find an appropriate modification wherever possible.

- Is this program a foreclosure moratorium?
No, this program is not a foreclosure moratorium, but it includes a case-by-case foreclosure “pause” where appropriate. Where foreclosure “pauses” are applied, it is both a win for the homeowner and the servicer, since it will be applied where the homeowner both indicates an interest in keeping the home and there is a reasonable prospect of finding an acceptable loan modification.

- When will this program begin – when will letters be mailed?
Servicers will begin mailing letters to targeted homeowners as soon as they are ready on an individual company basis. Outreach letters will be sent in waves to homeowners beginning, for some servicers, immediately.

- How many homeowners will this help?
Servicers are seeking to help as many homeowners as possible through this program. The number of homeowners who are at least 90 days delinquent is in the hundreds of thousands, so this program could potentially have a significant impact. Ultimate effectiveness will hinge in part on the response rate of homeowners calling their servicers and expressing interest in keeping their homes; since loan modifications also are done on a case-by-case basis, it is difficult at present to estimate a precise number of those who may be helped.