Log In | Register
Congress and the President have bailed out Wall Street, the banks, the automobile industry, and many more special interests are standing in line. Have they forgotten about everyday Americans?
Congress is currently considering the size and scope of a second stimulus plan to help bailout the American economy. The first stimulus plan essentially focused on bailing out Wall Street and the banks. It is vital that the second stimulus plan provide direct economic relief to Americans. There are many ways to provide relief. The Mortgage Deferred Payment Plan is the initiative we are advocating.
How will the Mortgage Deferred Payment Plan work?
The plan will allow qualified homeowners who have Fannie Mae or Freddie Mac backed mortgages to apply for a mortgage payment "deferment" for a specified period of time. We are proposing 6 months to 3 years.
The homeowner will be able to apply through their mortgage servicer for the "deferment". We are proposing job loss, reduction in pay, medical reasons, as criteria for applying for the deferment.
If the homeowner is approved for the "deferment" the designated U.S. government agency will remit monthly payments, for the specified time period, to the mortgage servicer on behalf of the homeowner.
At the end of the "deferment" period we are proposing that the homeowner have 15 years to repay the "deferment" interest free.
We are proposing that the Mortgage Deferred Payment Plan program not negatively impact the homeowners' credit rating.
