Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
In the mortgage industry today, there are many mortgage elimination scams that are running rampant. If you are approached about one of these opportunities, you will want to make sure that you are very cautious. Here are a few things to consider about mortgage elimination scams.
Mortgage Elimination Scams
Even though there are many variations on this scam, the basic idea is the same. A company will approach you about showing you a way to completely eliminate your mortgage. They claim that you will be able to do some administrative process that is going to completely eliminate your mortgage debt. They say that you will not have to go through foreclosure or hurt your credit. In return for showing you this revolutionary system, the company is going to require you to pay them a large one-time fee.
None of these programs are legitimate. Therefore, you are basically going to be giving someone thousands of dollars just to give you a course that shows you how to do something that is not going to work. You will not be able to eliminate your mortgage and will have lost thousands of dollars.
- Should You Refinance? Make Sure the Timing is Right
- How to Get Approved for an FHA Loan despite Bad Credit
- Appraisal Basics
- Short Selling a Rental Property
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Low Down Payment Loan Qualification
- Second Mortgages: Advantages and Disadvantages
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure