Building on existing foreclosure prevention efforts such as the HOPENow Alliance, the Bush administration announced the creation of "Project Lifeline".

The program would let qualified homeowners pause the foreclosure process for 30 days.
The following qualify for the initiative;

All 90-day delinquent loans, including subprime, Alt-A, prime, second liens and home equity
loans, that are not:

• In active bankruptcy.
• In active foreclosure with sale date less than 30 days.
• Where the homeowner has indicated that they want to give up the home.
• Investment properties.
• Vacant properties.

The following are requirements for a Loan Modification:

Homeowners must do the following to be evaluated for a loan modification:

• Call their servicer within ten days of receiving the notice.
• Tell the servicer that they have received the letter, they want to stay in the home and
  they are willing to seek counseling, if necessary.
• Provide updated financial information so the servicer can explore the appropriate
  solution.

The plan, described as a targeted outreach to the homeowners most at risk of losing their homes, initially will involve six of the largest mortgage lenders -- Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

To view the Summary from the HopeNow Alliance, including FAQ's and a sample letter please click here.

To view the HopeNow Alliance Press Release please click here.

To view the Statement by Treasury Secretary Henry M. Paulson, Jr.please click here.

To view media reports on the announcement, please click on the following links:

CNN

Fox News

About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 450 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.