Posted by Wm-Pa on September 12, 2003 at 16:00:54:
Ron,
Thanks, I thought I was reading that infomation backwards. It is sad to say that I bet hundreds of “simple” minded people have bought into that BS and don’t know that they were shammed.
Am I missing something here??? - Posted by Wm-pa
Posted by Wm-pa on September 12, 2003 at 14:02:26:
This is in regards to a couple of posts down referring to Getting Rid of your mortgage. I went to their website and found this piece of information interesting…
From their website:
Q: How much does the program cost?
A: When you make application, you pay a non-refundable application fee of $2,000.00 per mortgage to be discharged. Once your deed is re-conveyed, you will pay Mortgage Freedom Group 15% of the mortgage amount discharged. For example, if you got $100,000 discharged, you would owe $15,000, due and payable within 45 days of re-conveyance. Most people will then choose to refinance their 100% free and clear property to pay Mortgage Freedom Group. We recommend that you start a refinancing pre-qualification process about 2-3 weeks from the completion of your discharge (we will let you know when this is), which will help shorten the time from your discharge to the point that your refinance is complete.
I am not an expert, but if you re-fi your house are you not taking out a mortgage, therefore putting you in the same position you were in before you paid for this “sham” of a program??
Re: Am I missing something here??? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on September 12, 2003 at 14:51:12:
Wm–¶----------------
Right. And can’t you just see the wheels turning in the heads of the people reading this horseshii.tt? “Gee, well, yah, I’ll get a new $15,000 loan. And then I’ll do the same thing again. That will cost me another $3,500 and I’ll be out of debt. Hmm, wait. I’ll get a new $70K loan. Pay off these great people their $15K. Then do it all again. Pay these nice people another $2K. Get rid of the $70K. Pay these nice people $10.5K and I’ve still got left over. . . [counting on fingers and toes:] 70-2-2-15-10.5 = 40.9 in cash. Wow. I wonder how many other times I could do this to make even more money?”
When you see people believing this kind of absurdity, you can see how easy it is to convince people to pay $1600 for a three day real estate investing seminar that teaches virtually nothing or $5K for a “bootcamp” that boots them in the rearend.
When greed and desire comes in, sense gets kicked aside.
Good InvestingRon Starr***