Finance Articles

Mortgage Expert: Families Needlessly Losing Houses to Foreclosure

Sacramento, CA (Vocus) June 11, 2007 -- Tens of thousands of families may needlessly be losing their houses to foreclosure, a mortgage industry expert says.

"If you have equity in your home I'm here to tell you there is a way out," says Jeremiah Miller, President, Mortgage Payment Deferral Inc.

With foreclosure rates rising at an average of 7-percent nationwide, Miller says even people with hefty amounts of equity are seeing their biggest investments end with foreclosure.

"It's tragic because these people should not be losing their homes and they are," says Miller. "They're getting buried by the bills and they don't know there's a way out."

The Mortgage Payment Deferral program is new. It's only been around since late last year. It allows families to use the equity in their homes to make the mortgage payment for three to 36 months. They can even earn an aggressive rate of interest on cashed-out equity until it's used.

"The program has helped many families who just needed some time to get past their temporary financial difficulty," says Miller. "There is no downside. You use the equity in your home, rather than your income, to make your mortgage payment. Your payment gets made and you save your home."

Miller has other tips to avoid foreclosure:

1.    Don't be in denial. Educate yourself on the alternative options to foreclosure.
2.    Call the bank. Let the bank know why you are missing mortgage payments. Banks don't want to foreclose and will usually work with you on a plan to prevent foreclosure.
3.    Be realistic. Will you be able to start making mortgage payments again? If not, even with the Mortgage Payment Deferral Program, sell the home before you lose it.

About Mortgage Payment Deferral: Mortgage Payment Deferral, Inc. enables homeowners to defer their home payments for up to a year using the equity in their home. It has helped: sub-prime mortgage holders buy time; homeowners who want to go back to school to get an advanced degree; and families who buy a new home but have difficultly selling their current home and can't afford two mortgages.

Interview Requests: Jeremiah Miller is available for television, radio and newspaper interviews.

Contact: Jeremiah Miller, President, Mortgage Payment Deferral, Inc.
Phone: (916) 782-0231
Website: www.12MODEF.com

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