Regarding Project Lifeline:

The Wall Street Journal story stated that, "prodded by the Bush administration, six major mortgage lenders are due to announce today a stepped-up effort to rescue homeowners on the brink of foreclosure (encouraged by the Bush administration).

I feel for all the homeowners who have already lost their homes...especially if it was for a reason other than having to have it all when they really couldn't afford it.

If they really believe an extra 30 days & a stimulus check will save the day, they are dumber than dirt!

All it will really do is give the homeowners an additional 30 days of free lodging. It will not prevent FC in 99% of the cases.

See this article on the subject.

Excerpt from the article that is spot-on:

Will it work?

"It's just postponing the inevitable," Bob Moulton, president of Manhasset-based Americana Mortgage Group, said. Many people may take the 30-day reprieve from foreclosure, but sooner or later, they'll "just walk away," because falling home prices and upward resets in interest rates have made their mortgages "worth more than the house," Moulton said

A lot of these people have already accepted that they are losing their home and have gone through the grieving process, so to speak. At this point, they might not even have the mental energy to think about trying to stay in it.

What a mess.

GW, are you an astronaut fan? (sorry, off thread, but curious)

Happy B-Day!!! And I can't believe Andy ratted out his mentor!! That's gotta hurt a little.

Darlene:

Not really an astronaut fan but I love the quote by James Lovell. I have it posted everywhere as a reminder that I should always be working on tomorrows success. I look at it every day and truly believe in it. I really want a signed photo with the quote from him, but they go for a pretty penny. I'd love to have it framed & hanging in my office.

Darlene,

You edited your original post and now I look like I'm way OT!!LOL

Ha, ha. I tricked you, New Breed. Actually, I didn't know if very many would recognize Project Lifeline without adding the rest of it. Thank for the birthday wish. So busy today, I had to settle for a chocolate overload cake at Jack in the Box--yum.

Yep, can't believe Andy turned on Clemens. They were both in the wrong, but now I think Andy P will have a hard time keeping his head up. He should have been honest with his friend to begin with ...not that anything excuses Clements. Okay, not BPO stuff. I will shut up now.

GW, I have photos of the original astronaut members from 1966 or somewhere in there. I also had original badges but have misplaced them, probably when I sold my house and moved. I wonder if any of those guys retired and went into real estate?

What I don't understand is how these large companies come out on the news talking about what they want to do for their customers, but continue to make it extremely difficult to get anything resolved with them. I've been trying to do short sales with someo of these guys for months now and you wouldn't believe the mountains of "support documentation" they require and how hard it is to get anything negotiated with them. Their systems are still set up the way they handled this "pre-crash".

Lip service, baby! Lip service.

The last thing these people want or need is an endless amount of paperwork just to see if they quality for anything. That might be a hard sell.

I guess its a decent try but how are the lenders going to get in touch with borrowers??? Phone numbers are usually disconnected, People in foreclosure get all kinds of mail which they never open, and when you go knock on their door they tell you that they got everything worked out.

They get to skim another months rent from their tenants.

"They get to skim another months rent from their tenants"--- and spend it
lol, thats part of the new Stimulus Package

This "Life Line" is a fantasy. If investors and servicers really wanted to stop foreclosures and stop losing money they would call every single ARM loan they have BEFORE it adjusts and work out a modification. If the borrower is paying on time now keep it that way. If they aren't send 'em down the river. Our polititions make this seem like such a mystery. Wake up.

I went to an Auction this week end and saw lenders dumping homes for 70% of current market value. They lost their shirts.

Amen to that, Cali Broker