mortgage elimination cashing notes

[mikah2k]

....................

[Judge Roy Bean]

Originally Posted by mikah2k

Here is something a friend of mine shared with me.

According to the article, it appears that some folks are happily converting notes for cash on a regular basis and that the federal reserve banks have no problem accepting notes, through some intermediary, from any homeowner as the "borrower".

Also, according to the article mortgage-elimination is in and of itself legal.

Enjoy.

You might want to check the date on that.

[charlesa6]

Originally Posted by Judge Roy Bean

You might want to check the date on that.

Yep!! I concur.

[J.W.]

Although I may not be the pillar of the literate community, I don't see how on Earth one could derive that the instruments discussed in that article nor the procedures were determined to be legal and likewise that the banks were accepting the instruments discussed without issue i.e. business as usual.

[Livefire]

Jason,

I believe the good judge was implying the same thing you are in his own inimitable manner!

[J.W.]

As only the Illustrious JRB could do...

[Rlynne]

That article confused me. Exactly who are they talking about the lenders or the people who do mortgage elimination?


<<These industry experts confirmed there are companies providing mortgage elimination programs that are legitimate.>>

According to this article there are legitimate (legal?)mortgage elimination programs.


<<The scammer then turns the note in for cash through the Federal Reserve>>

I didn't know a John Doe could walk into a Federal Reserve bank with a promissary note and exchange it for cash, at least that's the impression I'm left with after reading the article.

<<You might want to check that date.>>

Yes the article is old but since it was written have things changed in regards to what's a legitimate mortgage elimination program or even if there's such a thing?

[mikah2k]

....................

[2tim215]

Originally Posted by Rlynne

That article confused me. Exactly who are they talking about the lenders or the people who do mortgage elimination?


<<These industry experts confirmed there are companies providing mortgage elimination programs that are legitimate.>>

According to this article there are legitimate (legal?)mortgage elimination programs.

Yes the article is old but since it was written have things changed in regards to what's a legitimate mortgage elimination program or even if there's such a thing?

I would tend to think they are probably referring to some sort of accelerated payment plan which is what would be considered perhaps to be "legitimate". That is the only thing that I can see which they might be referring to. I don't think they are necessarily referring to some "instant" elimination process.

The article is very vague to say the least. I don't believe I've ever seen any newspaper article involving Mortgage Elimination as anythiing other than a "scam" or fraud of some kind whether there is any legitimacy to it or not.

2tim215

2 Timothy 2:15 (KJV) Study to show thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth.

[powder]

Originally Posted by mikah2k

I found Federal Reserve bank of [CITYNAME] in the phone book in the BUSINESS section, and called the number. I asked what I need to do to open up an account. The words that I was offered were, "We only do business with banks. Are you a bank?" If anyone is exchanging notes for FRNs (cash) at a Fed Res Bank, supposedly it would be banks that have accounts at such Fed Res Bank. Anyone else who gets the exchange done would supposedly be using a bank that has an account as Fed Res Bank.

If a bank behaves and "is" a natural person under the "law", then "people are banks".

In Canada:
Bank Act, 1991 c. 46
15. (1) A bank has the capacity of a natural person and, subject to this Act, the rights, powers and privileges of a natural person.


Equality is equity.
So if a bank can be a 'natural person'... then the reverse is true.