Bush administration has announced another plan to offer help to the delinquent homeowners. It is expected that over a million of homeowner will face foreclosure during this year. This is not a government project. Six major lenders have agreed to delay foreclosure for 30 days. They are Bank of America, Citigouup, Countrywide Financial, JPMorgan Chase, Washington Mutual and Wells Fargo. In this project, Banks will target the delinquent borrowers to get up to date with loan modification so that they can avoid foreclosure.
But housing advocates and mortgage experts are a bit skeptical on this project Lifeline. They think this is too little when more than a million of homeowners are going to face foreclosure in this year. But the fact is, a recent survey shows that half of the foreclosure faced in the October, 2007, no contacts have been made between the homeowners and the lenders. So this project gives a chance to the homeowner to get up to date on his mortgage and avoid foreclosure.