Vision Credit Education, Inc.

Treasury Secretary Henry Paulson announced that homeowners at least 90 days delinquent on their mortgage might get a 30-day reprieve. Project Lifeline could give affected homeowners more time to make arrangements to resolve their housing situation.

Initial partners of Project Lifeline include Bank of America, Citigroup, Countrywide, Chase, Washington Mutual and Wells Fargo. Other lenders may be added to the list.

Critics say this does little more than delay the inevitable by 30 days. Others say that it gives distressed homeowners  a little more time without anyone breathing down their neck to resolve their delinquency.

For some homeowners, an extra 30 days might be enough time to receive a tax refund or a bonus. Others need to complete housing counseling programs for assistance. Still others may need more time to arrange a short sale, refinance or other solution.

Interested homeowners should take advantage of any delay in foreclosure by seeking help. The Hope Now alliance has been helping distressed homeowners find support through community partners. Call 888-995-HOPE for more information on getting help today.