With the consent of the parties transforms a mortgage note into two fully negotiable collateralized debt instruments, referred to as Part A & Part B. Transforming the note this way will defer a substantial amount of the monthly mortgage payment; Reducing your monthly payments.
The POM is required to enter into a deed in lieu of a foreclosure agreement, pursuant to transformation. In the event that the POM fails to make mortgage payments for three consecutive months. POM will not be reported to credit bureaus and shall receive cash for keys.
Clearing House: This benefits banks and homeowners, making it possible for one to keep their home or easily purchase a new one. Further homeowner or transformer, (provided that the new monthly payment is not more than 28% of an individual’s monthly income and no more than 35% of the gross household income when including insurance, and property taxes.) must at closing produce 3 months worth of the new monthly payments and additional closing costs to qualify.