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Mortgages: What Products Are Available?
By Benedict Rohan
Basic principle of a mortgage is very simple: you borrow money to buy a house and pay back the loan with interest. However, nowadays there are so many products available that it can be mind-boggling. Read more...
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Mortgage Elimination Programs A Scam?
By Marilyn Barnewall
A friend called not too long ago to ask about elimination programs.
The only kind of elimination with which I’m familiar are those involving house payments made for an agreed upon term.
This is not the kind of elimination to which my friend referred. And this was the third call in a year asking about programs that get rid of debt without declaring bankruptcy or paying bills (with a clean credit rating, no less).
To get information about this “get your Deed of Trust without fulfilling the contract you signed -- don't pay any more payments” program, I called a couple of bankers. They, too, knew little or nothing about elimination programs. Actually, after looking into the numbers of people paying fees to get them and reading the Office of the Comptroller of the Currency’s (OCC) Bulletin on the subject, banker training should be done on this topic.
Mortgage elimination representatives try, on their Web sites, to explain why people who have mortgages with banks do not need to pay them back. These “experts” say if you borrowed for a mortgage, you have been deceived into thinking you owe the bank money for that loan. Their reasons given as to why you should believe this concept center on long explanations about how banks use signatures on loan documents as an asset – as a means of creating money. There are other reasons, too.
Your signature, they say, is an asset and the bank uses it to create money… money the bank loans to other people and earns money. Since the bank did not tell you it was going to use your loan to gain access to Federal Reserve funds, the bank violated contract law, they say. Because of your signature – because of your loan – the bank now has access to ten times the amount of your loan in Federal Reserve funds so it can make more loans and earn more money.
Their explanations are difficult to understand. Almost all of what they say is factual or close to factual. They do leave out some interesting things (like the third party who gets paid by your loan… a contractor or an individual sells you your house, not the bank).
I believe it is neither moral nor legal to agree to pay a mortgagor a certain number of monthly payments, then decide to not pay.
Common sense tells me eliminations are likely to be schemes, not reputable business opportunities. And, after reading the explanations of how and why these “experts” can – for an upfront fee – make your payment go away and get your Deed of Trust released to you, I’m highly skeptical. On the other hand, there are numerous people who claim to have had their Deeds of Trust released to them using these programs.
Also on the other hand, I read the Comptroller of the Currency’s Bulletin. When the OCC takes a legal position, they usually use words like “will,” “is” and “can.”
The subject of this Bulletin is “Illegal Financial Activity.”
The OCC’s Bulletin is directed to everyone from chief executive officers of all national banks to the Board of Governors of the Federal Reserve System… nine Very Important Groups, in all. The subject: “Debt Elimination Schemes using Fictitious or Worthless Bonds, Due Bills and Bills of Exchange.
“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, companies, credit card issuers, and retail establishments throughout the United States
California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.
California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.
California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.
California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.
California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
Additional
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Interest Only Mortgage Explained
By Nazir Hussain
Interest only mortgage is exactly what is says… Simply put you only pay interest on the money you borrow and for the duration that your borrow the money. The interest only term can be very misleading Read more...
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Additional
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Advice On Your Adverse Credit Commercial Mortgage
By Elizabeth Grant
If you are considering purchasing a new business or constructing a new building then a commercial mortgage is certainly at the top of the list of things to research. Below we take a closer look at Read more...
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California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
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