Reuters: Foreclosure postponement plan coming
"Six of the largest U.S. mortgage lenders on Tuesday will announce a program to identify seriously delinquent borrowers and halt any foreclosure process while they try to work out a new payment scheme, sources familiar with the plan said on Monday.
"The lenders will unite under the program, dubbed 'Project Lifeline,' to identify borrowers more than 90 days delinquent and stall any foreclosure proceedings while they try to develop new loan terms, the sources told Reuters.
"A source had earlier said the plan was only available to borrowers who have missed payments for 60 days."
One other key point:
"Lenders do not imagine an open-ended freeze on foreclosure proceedings but rather would offer a reasonable period of forbearance so that lenders can determine if a borrower could manage new loan terms, a source familiar with the plan said."