The mortgage payments crisis is growing globally. It was Ireland’s mortgage crisis that forced financial adviser Gerard Malone to create a new payment system. "If I didn’t do this, we will be destroyed by foreclosures and bad bank debts." Look at the facts. In Ireland 45,000 people have serious arrears, 30,000 more went on an interest only payment. Another 100,000 are facing difficulty from new taxes and higher interest rates. "As a former New Yorker I knew that this is a global problem." Pay cuts, new taxes and higher interest rates are the ingredients for a mortgage tsunami.
The silent ingredient
The silent unspoken ingredient is underemployment. This is where people are working at less than their full capacity. This affects many from all walks of life, from tradesmen to formerly affluent professionals and small business owners. They still go to work every day, but their work and income has been greatly reduced.
The difference between negative equity and the inability to make your mortgage payments
Negative equity means you lost money on the purchase of your home. When you can’t pay your mortgage you lose your home. When many people are in this position we have a mortgage payments crisis. This app is designed to help each homeowner keep their home.
When you give a struggling homeowner a new lower payment, that will still pay the mortgage in full everyone wins. When you create a new payment you change one home. When you do this often you change the destiny of a nation.
How does it work?
Gerard Malone says "a user fills in three simple numbers and you hit calculate. You simply enter the mortgage balance, the interest rate and the remaining term. Instantly you will get three new payments that will pay your loan in full, and in the normal mortgage term. Each payment is lower than your current payment.
If you can lower your monthly payment and pay your loan in full you can save your home. This allows the borrower to go to their lender and negotiate a different monthly payment. You can use this app for any loan. This is the world’s first increasing mortgage payment calculator. Instead of asking your lender to give you a new payment plan, you can give them your own solution. Now you are in a very strong position to negotiate a lower monthly payment. If you could save 100 to 200 per month on a mortgage what would this mean for you?
Many people who are up to date will be stretched to the breaking point. To reduce their payment by 100-200 per month may be the difference between paying their mortgage and falling into arrears. Going interest only and extending the loan term may help, but they will not prevent this tsunami. By using an increasing payment, you get an affordable payment today, and you will pay your mortgage in full in the existing mortgage term.
Can you use this app for any loan?
Yes, the principles are universal. Imagine a new business owner who could start with smaller payments in the early years when cash flow is vital to survival.
Can this app do anything else to help a struggling borrower?
Yes, you can start with the payment that you can afford. You can use any rate of increase. At any stage you can make a lump sum payment or even change your monthly payment. All of these variables are there to help you negotiate with your banker. Each step is easy and follows the last step.
How can this app do this?
You can start low and pay your loan in full when you have an increasing payment.
How much does this cost?
For the price of a cup of coffee you can get an app that will save your home. Many will save hundreds if not thousands in the early years when you need help. You can go back to your regular payment at any time. The bank wins by agreeing to work with you. Yes, they get less money in the early years until you get back on your feet.
More Information:Finally, a solution to the homeowners and investors who are struggling with
mortgage payments. Many who are up to date facing enormous hardships and difficulties in paying, only need to reduce their payments by a small amount, and they do not need to extend their loan term, thanks to Gerard Malone for the launch of his
Mortgage Home Saver iPhone and Android Application.
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