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New Mortgage Program May Hurt Homeowners

(EMAILWIRE.COM, January 24, 2007 ) Sacramento, CA -- A company in California, Mortgage Payment Deferral Inc., has created yet another new type of mortgage. Their pitch brings to mind a credit card offer that promises no payments for a limited time. Company president, Jeremiah Miller describes his company’s offering as, “a truly wonderful product.” Their “12MoDef” (short for 12 months deferred) mortgage takes a portion of a homeowner’s equity in exchange for the lender’s agreement to pay the mortgage, property taxes, and insurance for the first 12 months. Whether or not this proves to be a benefit to homeowners remains to be seen. For some borrowers this type of loan will only deepen their level of debt and provide a false sense of security. Many real estate experts have been warning the American public for years about the dangers of adjustable rate mortgages, and other optional programs such a negative amortization loans. The bottom line is that the mortgage industry has put out an increasing number of difficult to understand programs on the market in recent years.According to local foreclosure expert and real estate investor Patrick McGilvray, J.D., President of “Many people that my team and I talk to on a daily basis from all over America are having trouble making their mortgage payments. For some people who want to sell their house quickly the motivation is job loss or relocation, divorce, or other unforeseen circumstances. For others, the problem is that their adjustable rate mortgage has readjusted and they face dramatically higher payments or the prospect of foreclosure. Many people simply do not understand the mortgage products that they have purchased.”Mr. McGilvray’s comments are backed up by information from the Center For Responsible Lending which posts on its website the following information: “Subprime lenders are fueling their business by aggressively marketing these risky home loans without considering whether families can truly afford them. Earlier this year, 80% of subprime home loans had adjustable interest rates-increasing the chance of ‘payment shock’ for homeowners. This year mortgage payments will increase on 41% of all subprime loans, and foreclosures are surging in many areas.”So far only one mortgage broker, Harbinger Mortgage Solutions is licensed to sell this new mortgage, but when “play today and pay tomorrow” is the promise, you can bet more companies will jump in the game.Contact:Patrick McGilvray, J.D.Tel: 916-920-3278

Patrick McGilvray, J.D.

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