This program uses your home’s equity to make the mortgage payments. There’s no deferral at all. You’re putting your equity into a trust account, so you have to refinance to set up the trust account, right? Or take a HELOC. Then the trustee makes the monthly mortgage payment out of the trust account.
This is not going to help the people who truly need it, those who cannot afford their payments and have no equity. People with equity can do a cash-out refi or get a HELOC.
This sounds expensive,as the trustee is sure to get paid his fair share.
