Mortgage Elimination Programs

[andrewmitch]

Is this stuff a lot of bunk or what?

I mean, the costs are pretty reasonable given how much you would save so it could be a decent gamble (ie gamble $200 to win $300,000) but my bigger concern is it can get you into trouble (ie legal action or the mortgage company calling in your loan and perhaps getting put on some black list for banks)...Anyone have any success or failure stories?

[BOBT12]

Originally Posted by andrewmitch

Is this stuff a lot of bunk or what?

I mean, the costs are pretty reasonable given how much you would save so it could be a decent gamble (ie gamble $200 to win $300,000) but my bigger concern is it can get you into trouble (ie legal action or the mortgage company calling in your loan and perhaps getting put on some black list for banks)...Anyone have any success or failure stories?

The best way to eliminate a mortgage is to pay it off according the term of YOUR agreement. If you have problems in fulfilling the terms of the agreement, perhaps should talk with your lender, they may be willing to adjust the terms.

Many of the programs I am aware of appear to be fraudulently based. They don't attempt to work with the lender, instead they try to summit some exotic financial instrument (with nothing backing the them), hence, your comment, "gamble $200 to win$300,000", instead of paying according to the terms of the agreement.

Please use the search feature for more information, try using the term "mortgage elimination". And yes, there's a number of people either in prison, or awaiting trial regarding this topic.

[B Rookard]

Originally Posted by andrewmitch

Is this stuff a lot of bunk or what?

I mean, the costs are pretty reasonable given how much you would save so it could be a decent gamble (ie gamble $200 to win $300,000) but my bigger concern is it can get you into trouble (ie legal action or the mortgage company calling in your loan and perhaps getting put on some black list for banks)...Anyone have any success or failure stories?

The absurdity of trying to get something for nothing should be apparent ...

You go in and offer someone a cool $1,000,000 for a mansion. You get someone to give you a loan for the full amount with no money down.

You then walk in the door of the new house, and promptly proclaim that you will never pay off the loan, and you never pay the lender a dime.

What sort of legal system would *ever* endorse what you just did?

Forget the legal side of it ... what *moral* justification is there for what you just did? ... You have none.

And why should there be any difference if the amount is $1,000,000 or $10,000?

What you did was obtain property for nothing with no intention of ever paying back the person who loaned you the money.

I'll tell you what ... lend me $100,000 ... and let me pull some legal theory out of my a*s and give you a piece of paper claiming that I have no legal obligation to pay you back. We'll see how quickly you proceed to tell me I'm full of sh*t and you proceed to take me to court to get justice.

All this "mortgage elimination" b.s. is just that ... B.S.!!!

It's you trying to get a house and keep it without paying for it.

[andrewmitch]

Hey I agree but if it is possible then why not do it?

I am going to need that money when I am 65 and my property taxes are $50,000 per year. Besides after all, aren't the banks part of the problem?

[B Rookard]

Originally Posted by andrewmitch

Hey I agree but if it is possible then why not do it?

What legal system do you think would *ever* sanction such an event?

The only way you could get away with it is to get a bank to give you the $200,000 loan without having you sign a mortgage and giving them a security interest in the property with the power of sale.

What person do you think is going to do that?

So I guess it's "possible" ... but you better find a very stupid lender.

Good luck with that.

[andrewmitch]

Again, you are probably 100% correct but there are some pretty good marketing efforts about lending loopholes; I wanted to ask those who tried these programs.

[KarenM]

If you want to contact people who have used those programs, you can find them in their cardboard condos under the Interstate overpasses.

The only people who have success with mortgage elimination programs are the MFs who sell them to gullible homeowners.

[BOBT12]

Originally Posted by andrewmitch

Hey I agree but if it is possible then why not do it?

Because it's not a reasonable thing to do. In short, it is unjust. If you loaned someone $200,000 based on a contract, would it be fine if the debtor refused to repay that debt to you?

I am going to need that money when I am 65 and my property taxes are $50,000 per year. Besides after all, aren't the banks part of the problem?

Remember, as I recall, you don't have to do business with the bank. However, if YOU choose to do so, you can expect to be bound by YOUR agreement.

[David Merrill]

One suitor got a Statement from the bank saying the car was paid off. I told you about that:

http://www.suijuris.net/forum/succes...coupon-16.html

Post #152.

Then again $Million mortgages may be more your style...



Thank you Brian,

David Merrill.

[BOBT12]

Originally Posted by quasimodo

http://www.fdrs.org/index.html

I agree with the basic views expressed.

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

President, Thomas Jefferson

I feel that we should do what we can to get rid of the Federal Reserve, and all central banks, for the same reason Andrew Jackson did, mostly, they are unconstitutional.

Although I am not sure how this relates to individuals using their home as collateral, if they choose to take that course of action.