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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 updated Thu. February / 09 / 2012
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