All of the Hope Now mortgage lenders have signed on to Project Lifeline in order to increase the amount of foreclosures that could be prevented. The idea is for mortgage lenders to voluntarily adjust home loan terms in order to help those in danger of foreclosure avoid it. IPS News reports on the state of the subprime mortgage lenders:
“Now that all Hope Now members have signed on, more than 90 percent of
the subprime servicing market and nearly 70 percent of the entire mortgage
servicing market is committed to this coordinated method of reaching more
homeowners,” Paulson added.
This means that if you are in danger of foreclosure, chances are that you can renegotiate your home loan terms so that you will be able to avoid it. There are other ways to avoid foreclosure if your mortgage lender won’t work with you, including what is known as a short sale.