Mortgage Elimination - Posted by Joanne

Posted by Jack on September 23, 2003 at 17:03:19:

Don’t waste anymore time on it.

Mortgage Elimination - Posted by Joanne

Posted by Joanne on September 23, 2003 at 16:19:18:

Looking for concrete proof that any mortgage elimination programs that are backed by a bond or reverse foreclosure method, works. Extremely logical method, any success?

Re: Mortgage Elimination - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on September 23, 2003 at 17:08:12:

Joanne---------------

What do you mean when you say “Extremely logical method…”? What about this stuff sounds sensible to you?

When I hear this stuff I am thinking “makes no sense at all.” What I am seeing is somebody promising people something that sounds like exactly what they would like to hear: “You can get out of the burden of this loan.” Sounds great to people. So the promise hooks people on the basis of their emotions and desires. But it still sound like absolute nonsense to me.

If you had a legitimate obligation to pay off a loan, what is the chance, do you think, that a lender would allow you get out of your obligation for much less than what is owed? If there sere some legitimate way of doing this, what do you suppose the lenders would do? My guess is they would be at the state legislation, lobbying to change the law to close the loophole.

And who would possibly promise that they will pay off your loan to the lender for your paying to them some fraction of the amount of the loan? How could they do that? The loan will have to be paid off in full or else there will be a foreclosure. Again, this sounds like nonsense to me.

If there were some way to pay a part of the loan and get the loan paid off in full, why would anybody ever pay what they own on a loan? Wouldn’t they all do the shortcut method every time? Sure, it sounds great. It sounds like what a borrow would love is true. But it sure doesn’t sound like the way that the finanical world works to me. Does it sound like the way things work to you?

No, I don’t think there is anything sensible about this whole scheme at all. Sounds to me like nonsense at best and probable fraud at worst. I’d recommend nobody pay any money for this stuff.

If you really see some sense in it, please let me know.

Good Investing***************Ron Starr************