| |
| |
|
|
Mortgage and Refinance Information |
|
Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure
"Own your home free and clear in 3 to 4 months. Note paid in full!" How does this statement sound to you? Does it bring out a sentiment of grand larceny or does it peek your interest as a means to quickly and legally increase your personal net worth? Would it be moral to cancel a debt you made in such an easy and unfathomable manner? Most importantly, if you were behind on your mortgage would you pay someone $3,000 to perform this elimination service for you? Unfortunately, the answer for many homeowners is "Yes". The statement used above is an actual sales line from a website that promotes mortgage elimination. The Better Business Bureau has issued a national fraud alert for this type of program that is sweeping the nation by way of the internet. The purpose of this article is to give my opinion to the public as a leading loss mitigation expert that has counseled thousands of homeowners in foreclosure. I have also been contacted by many homeowners from across the nation that are in foreclosure or who have already lost homes due to the failure of this process. These people have been permanently harmed and they will have to vacate the property voluntarily or they will be forced to move by armed policeman. I freely admit that I am biased towards the use of loss mitigation options as a proven means to help homeowners behind on their mortgages. These are the consumers who are the most vulnerable and are most likely to see this program as the ideal way to solve their delinquency. They may see themselves as victims of a monetary and banking system that has taken advantage of our ignorance to perpetrate a fraud against them. If the money was never owed, then why are they struggling to make payments? Mortgage elimination has a tremendous appeal of justice and truth when presented in this manner. Coming back to reality- the diehard believers in the program are usually awakened to the fact that the bank sees it differently by a foreclosure or eviction notice. The bank has more resources and will win the legal fight. The guns and muscles of the local Sheriff will forcibly evict tenants from the property. In fact, a District Court judge located in California has thrown out 15 cases filed against lenders under this elimination legal theory in 2004. Summarizing the court decision, Judge William Alsup stated that the mortgage elimination program was "an elaborate Internet Scam." He also ordered a copy of his ruling be sent to the U.S. Attorney "because of the possibility of mail fraud and wire fraud to further an internet scam." (Go to www.sacbee.com to see this story). The attorney that brought the law suits on behalf of the elimination company was fined $10,000 for filing a frivolous law suit and the company was required to pay $77,000 in attorney fees on behalf of the lenders named in the suit. The Court has spoken loud and clear at least 15 times on this issue. Mortgage elimination will not work and is not an acceptable legal theory to justify not repaying your mortgage obligation. The conspiracy theory by the Federal Reserve to allow bankers to create money does not constitute legal grounds for you to opt out of a debt that you voluntarily entered into. A jury, responsible for their own mortgage payments, would never allow you to get away with not paying your mortgage. Those homeowners that are behind on the mortgage and or looking for help should contact a loss mitigation specialist/housing counselor that is experienced in presenting work out solutions to mortgage lenders. Traditional financial principles of budgeting, prioritization and crisis management have a stellar track record of stopping foreclosure and bankruptcy and they will work for you as well. You can obtain a Free copy of the book, How to Save Your Home, by visiting www.syhuniversity.com Those homeowners already involved with a mortgage elimination program should make the decision right away whether they want to save their homes or become a martyr for the mortgage elimination crusade. If you decide to save the home, you must contact an attorney and a loss mitigation specialist to help you with this matter. There are serious title issues if you have deeded the property out of your name into a trust or other instrument. You will need a real estate attorney to advise you on this matter. The good news is that the mortgage company does not want your home and will help you if you make the right decisions. Herbert Addison, JD is a former consumer law attorney and is President of Save Your Home, Inc., a nationally acclaimed loss mitigation firm located in Columbia, South Carolina. Mr. Addison is co-author of the book, How to Save Your Home, that teaches homeowners how to properly negotiate foreclosure alternatives with mortgage lenders. He has been published in Service Management, the leading magazine to the default management and servicing industry and is a professional speaker. He can be reached at 877-212-1880. His websites include http://www.syhuniversity.com; http://www.saveyourhome.info and http://www.contacttheexpert.com. Email: taddison@saveyourhome.info.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again Slight increases in the interest rates raise your hackles. Tension grips your mind as to how you are going to make the extra payment. The Power of a Home Equity Loan to Pay Down Debt Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. Adjustable vs Fixed Rate Mortgages Mortgage rates can either be fixed for the duration of your loan or can be adjustable. An adjustable rate mortgage is a loan that is set up with an interest rate that changes based on pre-determined criteria, primarily tied to the federal interest rate. Types of Mortgage Interest Rate Here is a useful guide to the different types of Mortgage Interest Rates that are available. Mortgage Lenders offer all kinds of different deals when it comes to the interest you pay on your mortgage. How To Find A Mortgage With Bad Credit Shopping online for mortgages ought to be trouble free, even should you have poor credit or no credit score. You can nonetheless find a bad credit lender that can facilitate you. Buying a Home With Bad Credit - Why a Recent Bankruptcy Will Not Stop You From Getting Approved Buying a home with bad credit is possible with the help of a subprime lender even if you have a recent bankruptcy or foreclosure. These mortgage lenders specialize in financing home loans for people with poor credit. Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure "Own your home free and clear in 3 to 4 months. Note paid in full!"How does this statement sound to you? Does it bring out a sentiment of grand larceny or does it peek your interest as a means to quickly and legally increase your personal net worth? Would it be moral to cancel a debt you made in such an easy and unfathomable manner? Most importantly, if you were behind on your mortgage would you pay someone $3,000 to perform this elimination service for you?Unfortunately, the answer for many homeowners is "Yes". Mortgage Tips For The Frantic It is a curious fact of human nature that people will haggle over the price of an umbrella, but buy a house on impulse.We understand small amounts of money; we know what they can buy. Stopping Foreclosures If you as an investor understand the process, you will be able to help more people!Foreclosure is tuff on folks it's all about losing!Your customer loses their home and the lender loses money!If you can get your focus going in the right direction, you can create a Win - Win scenario for all involved.Writer and philosopher Johann Wolfgang von Goethe said, "Kindness is the golden chain by which society is bound together. Repayment of Loans - Lessening the Bitterness of the Process So how have you planned the repayment? Don't tell if you haven't started the plannings yet. It is high time the plannings and the decisions be made regarding the repayment of the loan. Top 5 Methods to Manage Your Home Equity As your home appreciates in value, you gain equity. You can look at this equity, as a portion of the value of your home, which becomes an asset that is not burdened by debt. 6 Helpful Mortgage Tips Here are some mortgage tips that can help you obtain a mortgage with less hassle, and at a lower overall cost: Determine how much home you can afford. Based on your income and any long term debt, know the maximum payments you can be certain of making comfortably. Are You A Victim Of A Predatory Mortgage Foreclosure? Help is available to borrowers who have claims against their lenders for violating the Truth in Lending Act and other laws regulating credit transactions. Such violations may be a defense to a mortgage foreclosure. VA Loans, A Gift from Uncle Sam Uncle Sam has a gift for the men and women who serve our country. It is the VA loan. Fixed Rate Mortgage Loans - Understand the Pros and Cons of the Fixed Rate Mortgage There are many benefits and drawbacks to consider when deciding if a fixed rate mortgage is right for you. It is important to look at all options when it comes to something as important as getting a mortgage for your new home. Should You Refinance Your Mortgage if Interest Rates Drop? Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. Stock Market, Bonds, Deposit Account, Cash, Equities, Unit Trusts - Few, Just Few of the Ways of Sav Man has been known for continually simplifying things in his own interest. First he devised mortgages then several sub categories under it like buy to let mortgage, council right to buy, reverse mortgage. Applying for a Home Mortgage Loan Online - The Pros and Cons If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan online:Pros:1. The process of applying for an online home mortgage loan is very simple, unlike some lenders who operate in the 'real' world and ask for heaps of information. Your Mortgage Rate Compare and Save When trying to obtain the best mortgage rate compare offers from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Home Equity Lines of Credit - the Basics A Home equity line of credit is a loan which is similar to a credit card. These often have a very low interest rate (In most cases even lower than home equity loans).
|
||||||||||||||||||||||||
