Sorting Through Mortgage Elimination Programs

Mark Barnes

Visitors: 1,001

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.

Check out Mark's controversial sports commentary now at Top Online Sports Talk


Article Source:

Rate this Article: 
Debt Elimination Systems - Is the Credit Secrets Bible Course the Debt ..
Rated 4 / 5
based on 5 votes

Related Articles:

Debt Elimination Programs Way to Get Rid of a Financial Disaster

by: Hasan Shahriyar (July 05, 2008) 
(Finance/Debt Management)

The Mortgage Elimination "Scam"

by: William Bronchick (August 27, 2007) 

Mortgage Debt Elimination

by: Vincent Dail (January 17, 2005) 
(Finance/Mortgage Refinance)

Mortgage Debt Elimination in 5 to 7 years!

by: Vincent Dail (January 17, 2005) 
(Finance/Mortgage Refinance)

Mortgage Elimination- A Horrible and Sure Way to Lose Your Home to Foreclosure

by: Herbert Addison (February 20, 2005) 
(Finance/Mortgage Refinance)

Are Mortgage Acceleration Software Programs the Fastest Way to Pay Off a 30 ..

by: David Haslett (November 05, 2008) 
(Finance/Mortgage Refinance)

Debt Elimination Program - Comparing Debt Programs

by: Carrie Reeder (October 31, 2005) 
(Finance/Debt Relief)

Getting Out of Debt - Find the Best Debt Elimination Programs Online

by: Matt Couch (November 28, 2009) 
(Finance/Debt Management)

Home Loans and Mortgages - Beware of New "Mortgage Elimination" Scam

by: Charles Essmeier (June 16, 2005) 
(Finance/Mortgage Refinance)

Debt Elimination Systems - Is the Credit Secrets Bible Course the Debt ..

by: Dean Olmstead (October 13, 2008) 
(Finance/Personal Finance)