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Has anyone heard of the Mortgage Deferral program?

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's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

colin's picture
colin | Joined: June 30, 2006 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

how do i apply for one i am currently out of work on the sick but i do have a job to go back to, regards Carl

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi carl,

As you are presently out of work, I don't think the lenders will agree to give you a loan. However, I would still suggest you to speak to the lenders of your area and check if they are ready to give you a loan. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. They may be able to give you the right suggestion whether you will be getting a loan or not.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:03 | Post subject:

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