Real estate agents News Five spoke with say the main problem usually comes from people buying more home than they can afford. Also, circumstances can also come up where people's financial situations change and homeowners can no longer make their payments. The Bush Administration's Project Lifeline gives people a month to make things right again.
While it may benefit some, others could still lose their homes. "If it's strictly a permanent financial matter, 30 days is not going to be enough time to rectify the situation. If it was because they couldn't get funds within a certain number of days and that 30 days will ease that position for them so that they can get the funds, then it would help those people," said Prudential Cooper Sales Manager of Mobile Larry Smith. According to the Mortgage Bankers Association, by the end of last year, nearly four percent of prime mortgages were past due.
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