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Is mortgage elimination a scam or legitimate?

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Talha azhar
Answered 2020-09-18 13:07:25

The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on desperate homeowners is equally frightening. Many companies say they can get a change to your loan that will reduce your monthly mortgage payment or take other steps to save your home. Some claim that nearly all their customers get successful results and even offer a money-back guarantee. Others say they're affiliated with the government or your lender and still others promise the help of attorneys or real estate experts.

Unfortunately, many companies use half-truths and even outright lies to sell their services. They promise relief, but don't deliver. In fact, many of these companies leave their homeowner customers in worse financial shape.

The Federal Trade Commission (FTC), the nation's consumer protection agency, wants you to know that there is a Rule in place to protect homeowners. The Mortgage Assistance Relief Services (MARS) Rule (also known as Regulation O) makes it illegal for companies to collect any fees until a homeowner has actually received an offer of relief from his or her lender and accepted it. That means even if you agree to have a company help you, you don't have to pay until it gets you the result you want.

If you're struggling to make mortgage payments or facing foreclosure, the FTC wants you to know how to recognize a mortgage assistance relief scam and exercise your rights under the Rule. And even if the foreclosure process has already begun, the FTC and its law enforcement partners want you to know that legitimate options are available to help save your home.

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Wiki User
Answered 2014-01-06 15:32:42

Mortgage elimination services that claim they can eliminate your mortgage without you paying your mortgage debt are a scam. They typically involve the payment of an upfront fee. They are premised on the argument that the entire banking system is flawed and their claims simply are not accurate nor is their understanding of mortgages and contract law. They are in business to get some of your money.

The only way you can eliminate a mortgage and keep your home is by paying it in full or refinancing it. When you sign the promissory note and the mortgage, you are signing a CONTRACT between you and the lender. You are also assigning your rights in your property to the lender until the loan is paid. If you fail to honor the terms of that contract (i.e. making your payments on time until the loan is paid off), the lender may exercise any number of legal remedies to get their money back, including foreclosure and sale of the property.

This is from Treas.gov:

Subject: Illegal Financial Activity; Description: Fictitious Debt Elimination Schemes

Date: October 1, 2003

Please be advised that worthless instruments entitled Bond for Discharge of Debt, Bill of Exchange, Due Bill, Redemption Certificate, or other similarly titled documents continue to be presented to financial institutions, mortgage companies, credit card issuers, and retail establishments throughout the United States in an effort to eliminate legitimate debts. Many of these schemes are premised on baseless or fraudulent claims against the United States Treasury, the Secretary of the Treasury, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Internal Revenue Service, or other federal or state agencies. (See also OCC Alert 2003-7 and OCC Alert 99-10).

Regardless of how such instruments or documents are titled or whether they appear authentic, they are worthless, have no legal validity, and are not payable through the United States Treasury, the Secretary of the Treasury, the Comptroller of the Currency, or any other federal or state agency. The OCC is aware of the following organizations and Web sites promoting these fraudulent schemes:

  • America's Advantage
  • eliminatemortgages.com
  • goodbyemortgages.com
  • mortgageelimination.net
  • the7thfire.com
  • Financial Dynamics
  • remedywithredemption.com

The creation and presentment of these fictitious instruments may be a violation of Title 18, Section 514, Fictitious Obligations, or other federal criminal statutes, and any person(s) using such fictitious instruments with the intent to discharge valid debts may be subject to criminal prosecution.

If a fraudulent document such as those described above is presented to your financial institution, do not return it. Instead, retain the document and file a Suspicious Activity Report. Deliver the instrument and a copy of the SAR to the local office of the Federal Bureau of Investigation.

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sofianoviello
Answered 2020-06-30 17:53:55

Mortgage elimination as in there is no more mortgage. You better be specific on this because it may confuse people. Are we eliminating mortgage all together by giving free land to the people which is their God given right? Or are you just cutting mortgage options from loans so people can't get a loan on a mortgage and not be able to buy a house? So please be more specific so people can understand and answer your question properly and give you a true answer.

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YorkLawFirm
Answered 2020-07-14 06:26:37

Mortgage elimination services that claim they can eliminate your mortgage without you paying your mortgage debt are a scam. They typically involve the payment of an upfront fee.

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Anonymous
Answered 2020-09-10 16:02:56

4tjirjev4rnhigrtg4t

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Anonymous
Answered 2020-09-10 16:06:42

what are you doing today

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Anonymous
Answered 2020-09-18 15:58:21

nice article!

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Anonymous
Answered 2020-09-18 16:12:55

it is a liquid how dose germs move

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Anonymous
Answered 2020-09-18 17:21:12

lol borrrrriiiinnnnngggg

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Anonymous
Answered 2020-10-09 14:22:19

lol fk jk lololololololololololo

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Anonymous
Answered 2020-09-17 04:31:42

Yes

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Anonymous
Answered 2020-09-19 05:16:53

ggththth

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