Friday, February 15, 2008

Beating foreclosure: Who to call

Homeowners in trouble have to wade through many options to see whether they qualify for any assistance from their lender.

Delinquent borrowers face a dizzying array of options when it comes to saving their homes.
On Tuesday, a coalition of the nation's six largest lenders agreed to give seriously delinquent homeowners a month's breathing room before proceeding with foreclosure.

A day earlier, Countrywide (CFC, Fortune 500) and Acorn announced a plan to try to help subprime borrowers get back on track with their monthly payments.

These efforts come two months after the Bush Administration announced an interest rate freeze for some homeowners with subprime adjustable rate mortgages.

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