In the latest move aimed at halting a swelling and steady flow of mortgage foreclosures, on Tuesday six of the nation's largest mortgage lenders bowed to government pressure and joined forces to give all homeowners who are seriously delinquent on their loans another chance.
The lenders have agreed to freeze foreclosures for a month to give borrowers and lenders time to work out a repayment plan.
Named Project Lifeline, the initiative is a step-by-step approach for homeowners who are 90 days or more behind in their mortgage payments, a circumstance that already puts them in serious risk of losing their homes. These borrowers -- many of whom have not contacted their lender -- could begin receiving letters from them as soon as this week.
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