(Housing Wire) In what probably was a foregone conclusion after it was first announced, HOPE NOW said Tuesday that all alliance members will officially adopt the Project Lifeline initiative no later than March 31, in an effort to help more homeowners save their homes.
“This is another integral step toward a very important initiative that will help more Americans stay in their homes,” said Faith Schwartz, executive director of HOPE NOW. “Foreclosures are bad for everyone, and servicers are committed to helping homeowners who want to stay in their homes avoid foreclosure. Project Lifeline is in addition to our many other outreach initiatives. ”
Last week, Project Lifeline was originally announced by Bank of America, Chase, Citigroup, Countrywide, Washington Mutual and Wells Fargo — six HOPE NOW members whose loan portfolios represent approximately 50 percent of U.S. mortgages serviced.
Project Lifeline is a targeted outreach to seriously delinquent homeowners, designed to help troubled borrowers and servicers make contact; a recent study by Freddie Mac found that the single largest reason borrowers failed to reach a workout with their servicer was that a majority weren’t aware that workout options existed to begin with.