![]() |
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
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: [email protected].
20-year mortgage refinance rates edge down after upward bounce yesterday | June 7, 2022 Fox Business When Should You Refinance an Adjustable-Rate Mortgage? | Mortgages and Advice | US News U.S News & World Report Money Cash-Out Refinance vs. HELOC: Which Should You Choose? Business Insider Refinance apps are 80% below their 2021 level National Mortgage News What Is a Home Equity Investment? | Guide To Equity Sharing The Mortgage Reports Mortgage demand falls to the lowest level in 22 years amid rising rates, slowing home sales NBC News As Fixed Rates Rise, Should You Consider an Adjustable-Rate Mortgage? | Mortgages and Advice | US News U.S News & World Report Money Refinancing slips out of fashion in Pittsburgh, while borrowing against home equity makes comeback Pittsburgh Post-Gazette Refinance Calculator Bankrate.com 3 Ways Rising Property Values Are Actually Bad for Homeowners Business Insider Does It Ever Make Sense to Buy a Home if You Have Bad Credit? The Motley Fool Trends in Mortgage Refinancing Activity Freddie Mac Today’s mortgage refinance rates: Steady shorter terms offer best savings chances | March 17, 2022 Fox Business When to Refinance Your Mortgage Business Insider Can You Refinance a Reverse Mortgage? Investopedia Today's Mortgage, Refinance Rates: June 18, 2022 | Rates Remain High After Recent Spike Business Insider How to refinance your mortgage, a step-by-step guide The Washington Post The Mortgage Refinance Rush Has Cooled, But HELOCs Can Unlock Housing Wealth Hawaii Business Magazine Today's Mortgage, Refinance Rates: June 22, 2022 | Rates Probably Won't Decrease Soon Business Insider Is It Too Late to Refinance Now That Mortgage Rates Are Soaring? The Motley Fool Mortgage Refinance As An Inflation Hedge Surfky.com Jumbo Loan Refinance Guide | 2022 Rates and Guidelines The Mortgage Reports 3.8 million homeowners would still benefit from refinancing amid rise in mortgage rates, says Black Knight Fox Business How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans After Losing Her Home in a Fire, This Teacher Needed a Fresh Start. A Mortgage Refinance Helped Her Do It NextAdvisor 3 Reasons to Refinance Your Mortgage Despite Rising Rates The Motley Fool 10 Mistakes To Avoid When You Refinance a Home Loan GOBankingRates Home Mortgage Refinancing Disparities During the COVID-19 Pandemic: Insights for Delaware, New Jersey, and Pennsylvania Philadelphia Fed Still time to lock in a lower rate: Today's 30-year mortgage refinance rates fall | Feb. 9, 2022 Fox Business Cash-out mortgage refinancing hits 14-year high The Real Deal Should You Refinance Your Mortgage in 2022? The Motley Fool Can You Refinance A VA Loan? Zing! Blog by Quicken Loans The cost to refinance a mortgage: What to expect | Mortgage | Chase Chase News & Stories Texas' Best Mortgage Lenders & Current Mortgage Rates | US News Loans U.S News & World Report Money 3 reasons it’s not too late to refinance your mortgage CNN Underscored Cash-In Refinance: What It Is And If It's Worth It Zing! Blog by Quicken Loans What Do Appraisers Look for in a Mortgage Refinance? Business Insider Mortgage demand falls to nearly half of what it was a year ago, as interest rates continue to rise CNBC Cash-out refinance vs. no-cash-out | What's the difference? The Mortgage Reports
|