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| 12 Month Deferral Mortgage | REFINANCE |
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12 Month Deferral MortgageIdea for 12 Month Deferral Mortgage Youve heard of student loan deferral when adults go back to college, but what if you could defer your mortgage. Yes, thats right your mortgage. What if you could defer your mortgage for one year? Yes, thats twelve whole months of no mortgage payments. Twelve months of not thinking its the first and I have to pay the mortgage. Twelve months without the statement my mortgage is due on the 1st and late on the 15th repeating in your head. Twelve months of did I make my mortgage payment yet. Twelve months of I hope my mortgage payment was received on time. There is a company in California called Mortgage Payment Deferral, Inc. that offers such product. In 2006, the only lender licensed to offer 12MoDef is Harbinger Mortgage Solutions, a licensed mortgage broker located in Northern California. Mortgage Payment Deferral. Incs goal is to offer this product nationwide in 2007.
12 Month Deferral Mortgage Defined 12MoDef works by setting aside some equity of a home into a trust account for the benefit of the homeowner. The appointed trustee ensures that the mortgage payment is made to the correct lender each month. A monthly statement is given to the homeowner which combines their current mortgage statement and trust account statement. During the payment deferral period, the homeowner has three advantages:
At the end of the deferral period, the trust account is closed. The borrower is given all of the earned interest and they resume making their mortgage payment.
Reasons for 12 Month Deferral Mortgage
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