Has anyone heard of the Mortgage Deferral program?

adonis

Ever heard of a mortgage where you can do without making mortgage payments for at least 3 months and maximum of 36 months. That's too good isnt it?

sara

Hi Adonis,

It's new in the market, just launched by Mortgage Payment Deferral Inc, in Roseville, California. The loan program is known as the 12 Month Deferral or 12Modef. The program allows homeowners to defer their mortgage payments from 3 months to 36 months of their loan repayment period.

You can apply this program to any type of refinancing loan.

Thanks,

Sara

Guest 0.10 Dollars($)

No loan payments for a year. Wow, that's great. This will really help people like me to get over stress and get financial freedom.

colin · Posted: Tue Jan 09, 2007 3:03 pm Post subject:

Hi Adonis,

I got some more information about this program.

The patent for this program is still pending. The deferral program called the 12MoDef, for the 12 Month Deferral, works by creating a trust account and setting aside into it the home's equity value. When the deferral period ends the trust account closes and borrower gets interest earned and resumes making payment towards their mortgage.

I also learned that this year they will be offering this program to selected banks & brokers nationwide. If this program starts then it will be really provide financial relief to borrowers.

I am looking forward to know how people accept it.

Colin

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