Senator John Ensign today (February 14, 2008) encouraged Nevadans facing foreclosure to take advantage of Project Lifeline, a new program to help homeowners modify their loans so they can remain in their homes. 

“Nevadans have been hit hard by foreclosures,” Ensign said.  “Project Lifeline provides step-by-step instructions to assist homeowners facing an incredibly stressful and frightening situation.  This will prove invaluable as we work to keep the American dream alive for many families and boost confidence in our housing market.”

Project Lifeline is a partnership of the nation’s largest mortgage lenders coordinated by the federal government and applies to borrowers who are at least three months late on payments, prime borrowers, and those with poor credit histories.  It allows some homeowners to pause foreclosure for 30 days while they work with their lenders.

To learn more about Project Lifeline, homeowners can call 1-888-995-HOPE.  Trained advisors will offer potential solutions and guidance at no charge.  The counseling service is provided by the Homeownership Preservation Foundation (HPF), a not-for-profit organization.  To learn more about HPF or to seek counseling services online, go to www.995hope.org.  Services over the phone and online are available in Spanish.