South Florida Bankruptcy Lawyer

In an attempt to alleviate the steadily increasing mortgage and foreclosure crisis facing the U.S. housing market, six of the nation’s largest mortgage lenders have agreed to halt foreclosure proceedings for 30 days while payment options are discussed and negotiated. Under the new program, called Project Lifeline, borrowers who are more than 90 days behind in their mortgage payments will be contacted by their lenders, asking if they intend to stay in their home. If they do, they will be given the opportunity to get financial counseling. They may also be granted provisional loan modifications, which become permanent after three months of on-time payments. Treasury Secretary Henry Paulson warned that Project Lifeline is not a foolproof solution, but an opportunity that homeowners must act on.

Currently, the companies participating in Project Lifeline are: Citigroup, Countrywide, Bank of America, JPMorgan Chase, Washington Mutual, and Wells Fargo.

Do you need time to restructure your finances and regain your financial footing? If so, call a Boca Raton bankruptcy lawyer from the law offices of Eric N. Klein & Associates right away to learn what benefits bankruptcy proceedings can have for you.