02-14-08

Currently hundreds of thousands of American Home Owners are in some sort of trouble with their mortgages and the latest figures suggest that the majority of them are not getting the help they need with their loans. The Hope Now hotline had only received 36,000 calls within the last two months and consolers report that help was only made to less then 10,000 of them. This is a very small number compared to the 2 million households that fact adjustable rate mortgage increases.

The housing sector is only expected to get worse as those 2 million mortgages start to adjust and homeowners face much higher payments. This promoted the Bush administration with the help of the treasury department to release Project LifeLine yesterday which puts a pause on foreclosure proceedings for 30 days with the idea that the homeowner can negotiate better mortgage terms in that time.

While Project LifeLine along with Hope Now may have a very positive impact on the markets most homeowners will not qualify for these programs unless their bank is willing to work with them. More still needs to be done to help the housing sector and to protect homeowners.