Associated Press - February 12, 2008 12:13 PM ET
WASHINGTON (AP) - The Bush administration has unveiled a new initiative aimed at helping homeowners about to lose their homes. For qualified homeowners, it would put the foreclosure process on hold for 30 days.
"Project Lifeline" will be available to people who have taken out all types of mortgages, not just subprime loans that were the focus of previous relief efforts.
The effort involves 6 of the nation's largest financial institutions, which service about half the nation's mortgages.
The lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.
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