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Sorting through mortgage elimination programs
Mortgage elimination programs are all the rage these days. In
the event that you don't know what they are, it's a really basic
concept. You apply more money to the principal balance on your
loan or you make payments at times other than once per month, and
ultimately you lower you balance and pay your mortgage off sooner
than the original term. It sounds great, but be careful what you
read, because there are a lot of these mortgage elimination
programs that either don't make sense or just plain scams.
I clicked on a website gloating that it had a program that
would eliminate your mortgage in under a year. Wow! A 30-year
home loan eliminated in one year. Sounds great; you're in, right?
Not so fast. When I subscribed to a mailer to get more
information, I received a very cryptic message that said the
program was currently put on hold because the US patriot act
makes it impossible to proceed with the necessary offshore
banking transactions, which were necessary to make the process a
success. Now, I'm not sure what all this means, but I do know I
don't want someone sending my mortgage payments to some offshore
bank account. This sounds like something straight from a John
Grisham novel.
I've already written about the inverse mortgage, which holds
that paying one's mortgage every three weeks instead of every
four will help eliminate your mortgage in five years or less.
Although the jury is still out on this program, I've done the
math, and it simply doesn't add up.
Finally, I'm still investigating a program called, Mortgage
Cycling. Although I don't know all the detail on this one, I do
know that it involves taking a home equity loan and adding this
money to your principal mortgage. Again, I'm not getting it. Why
take more money out against your real estate, so you can pay it
back on the same house. Isn't this sort of borrowing from Peter
to pay Paul?
At any rate, I'll keep investigating. Meanwhile, beware of any
mortgage elimination program. If you want a safe way to eliminate
your mortgage more quickly, please refer to the wealth-building
program, Winning the Mortgage Game.
Mark Barnes is an investment real estate and real estate
finance expert. Get his free mortgage finance course at
http://www.winningthemortgagegame.com
and learn more about his wealth-building system. Mark is also the
author of the new novel, The League, a shocking, sports-related
conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
MORE RESOURCES updated Wed. June / 07 / 2023
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