No. I’m not talking about anything personal- so get your head outta the gutter will ya?

I’m referring to your first deal.

Were you excited?

Scared to death?

Nauseous?

How did the deal go?

It’s good to reflect back. So here’s a pic of my first deal:

This junker appraised for $37K back in September of 2000. I bought the property for $23,500.

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Today, President Bush is expected to announce ‘Project Lifeline’- a new program designed to help homeowners that are behind 90 days or more with their current mortgage to aid in stopping foreclosure.

Six banks have agreed to take part- Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

From what I’ve gathered it will suspend foreclosure for 30 days to allow the homeowner and lender to come up with new loan terms. While this may help a very small percentage, I don’t believe this is the magic bullet that congress and lenders are looking for. I’m curious to what the expectations are with the program. It will be interesting to see how this plays out.

What do you think? Do you think this proposal is another waste of time or a step in the right direction?