Is mortgage elimination a scam or legitimate?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

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
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
  • Financial Dynamics

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.
651 people found this useful

Is credit card elimination a scam or legitimate?

\n. \nUnsecured debt elimination is based on accepted accounting procedures. In arbitration the issuing company is asked to show their ledgers that prove they moved their mon

How can you tell legitimate loans from scams?

i think its better you first ask help your friend or relatives before you get loan so you do not have to pay the interest. if you are Looking for legitimate online loans i hea

How can you tell if an email is legitimate or a scam?

E-mail is a useful tool that is often misused to deceive, commit crime, or commit fraud. A scam e-mail is an e-mail that entices the recipient to do business, which will resul

MMTS or MakeMoneyTakingSurveys legitimate or scam?

Surveys are an easy way to make some extra cash online . MMTS or Make Money Taking Surveys - they make money by being an affiliate and send you as a referral. You sign up an

Is Dave's scam review legitimate?

Most reviews are not legitimate. They use the site name to promote their own concepts or the ones that are hot.

Is VA Mortgage Center legitimate?

Yes! check them out. They are also members of the BBB You can also try out VA Mortgage, which is a division of First Mari

Is Transfer America legitimate or scam?

NO they are not a scam. I used this company to get out of 3 of my timeshares. It took longer then I expected but it got done and now I'm completely free of the liabilities of

Is mortgage elimination a scam?

Generally YES. There are legitimate plans that help you manage your finances and pay your debt down faster, but any programs that promises to eliminate or invalidate your mort
In Uncategorized

How can you tell if cash sweepstakes are legitimate or a scam?

Most cash sweepstakes are scams, that should be your default assumption. Even the ones that actually pay out (with a one in many million chance) will use your information to t
In Medication and Drugs

Is Vi Swiss a scam or is it legitimate?

Its a scam. They refuse to refund your money because you opened the bottle. How can you try it without opening the bottle. Ifyou buy three bottles, they will only refund money
In Loans

Are no credit check mortgage loans legitimate?

It is unlikely you can get a 'no credit' loan through traditional lenders. However, with non-traditional lenders, anything is possible - - for a price. For instance, some lend
In Mortgages

Where can legitimate information on reverse mortgages be found?

The U.S. Department of Housing and Urban Development has many great resources for people considering a reverse mortgage. The Federal Trade Commission also has a site dedicated
In Mortgages

How do you know if a mortgage protection program is legitimate?

A mortgage protection plan is an insurance policy on your mortgage that kicks in under certain circumstances and for a temporary period of time to help avoid a default. It wou