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February 22, 2008
Mortgage Delay Rules Approved by Alliance
All of the mortgage lenders and servicers comprising the HOPE NOW Alliance have signed off on a plan that will halt foreclosure proceedings for 30 days to give struggling borrowers time to seek modifications. The Project Lifeline initiative was initially promoted by just a half-dozen leading lenders, extending help to borrowers whose payments are at least three months behind by sending them letters to inform them of the program.
Posted by S. Germain at February 22, 2008 08:04 AM