New Century Offers Added Storm Relief

New Century Financial Corp., Irvine, Calif., a real estate investment trust, is providing additional relief to borrowers affected by the recent hurricanes, due to the inaccessibility of some affected areas and a delay in the assessment and recovery process.The company has offered an additional 90-day payment deferral period, which follows the initial 90-day period immediately following Hurricane Katrina, for borrowers New Century has been unable to contact or who are in need of additional time to get themselves re-established. The company has also offered no late fees, no adverse credit reporting, suspension of legal actions (including cessation of foreclosure actions), and absorption of property inspection fees and costs. "It is encouraging that the vast majority of New Century borrowers have been able to keep current on their payments, and have maintained their payment schedule even though we offered them the opportunity to defer," said Kevin Cloyd, executive vice president, secondary marketing and servicing of New Century. The company can be found online at http://www.ncen.com.