Project Lifeline: Savior of those to be foreclosed?
Well maybe not a savior, but definitely a helping hand at least. Six major banks have banded together and put a moratorium on forclosure proceedings for 30 days to allow borrowers to work out alternative payment options with lenders. Contrary to what one would think, this is not just for ARM loan borrowers, but all kinds.
It’s an interesting concept. This also may open up some opportunity for mortgage companies to capture good business. Read more about it here.
