I am specifically speaking of companies whose service is paying off your mortgage. I have heard of a few of them but was wondering if anyone know of some I haven't.
There are companies that will help homeowners by paying off their mortgages.
For example, if you have a mortgage loan for $150,000, they will pay it off. They charge a flat fee for this service.
I have heard of four such companies that helps homeowners in this way.
I have heard of only one company that will soon be helping people in foreclosure keep their homes and they don't charge an up-front fee for their service.
I was wondering if anyone else knows of any other companies that offer this service or have any experience with this new type of service?
Sounds like a debt reduction company. What they do is help you budget your money to pay off your own debt faster. I don't think that is a good idea. then you just have one more expense. Paying off a mortgage and other debt is done by paying as much as possible more than your minimum payment on your smallest debt. then when you finish paying that off you put that same amount (payment + extra payment from first/ smallest debt) on the next smallest debt. Then when you pay off that second debt take all of what you were paying on the second (first debt's payment + Second debts payment + extra payment) and add it to the third debt's payment. People who do this faithfully get from near bankruptcy to debt free in 7 to 10 years. I doubt that a business is going to pay for your mortgage they are there to make money, not lose money.
I just looked at that website. my problem with that is that when you get a mortgage you are agreeing to pay it back. and you are getting a value for it. if 20% of the mortgages out there did that our economy would get really screwed up. wanna see some high intrest rates? You think 22% APR is bad? . . .
Josh
[addsig]
I disagree with your process. You don't want to pay the smallest debt off first just because you can then apply that payment to another debt. You want to pay the debt with the highest interest rate first no matter how large the debt is.
Thank you for the link. I emailed the consultants and I like what I heard. Have you any experience with this type of service?
I read in another forum that some people have paid for this service and no longer have to make mortgage payments yet they keep their homes.
I am researching all the companies that offer this type of service. So far, they all seem to charge about the same amount and all offer 100% money back guarantee.
Quote:
On 2004-07-22 23:02, enoid1 wrote:
Yes, I am talking about companies like DLK Consultants.
Do you know anyone who has had any experience with them?
I wouldn't put any money up front. They are trying to get people out of paying their bills. If what they say works why would they have to pay your refund. Stay away and pay your mortgage like everyone else. There is no "free lunch"
Do you really think a bank would loan you hundreds of thousands of dollars and not be able to get paid back?
I agree with you about putting money up-front. Fortunately, I did find one company that provides the service with no up-front fee.
Essentially, they claim to pay off your loan with no up-front money but you have to be in foreclosure. Since people in foreclosure probably don't have any up-front money; I can see why they would offer that option.
I think what they are offering is revolutionary. I know for most people it is something new and they would be more comfortable waiting to see if it works.
I figure if there is no up-front fee and they are willing to pay off my home that is in foreclosure then what do I have to lose?
Although, I would consult with an attorney regarding any contracts I would have to sign with them.
Quote:
On 2004-07-23 12:43, johnbriscoe wrote:
I wouldn't put any money up front. They are trying to get people out of paying their bills. If what they say works why would they have to pay your refund. Stay away and pay your mortgage like everyone else. There is no "free lunch"
Do you really think a bank would loan you hundreds of thousands of dollars and not be able to get paid back?
Please let me know of other ways in which I can lose my home. I may learn something new here.
With the company I mentioned, there are only 4 documents you sign; however none are even remotely close to a quit claim deed or any documents that will allow you to lose your home.
Anyway, a person should always consult with an attorney before you sign any documents related to your home.
Quote:
On 2004-07-24 08:30, GregTanner wrote:
Let's see....what do you have to lose? Ummmmmmmmmmmm..Oh yeah...YOUR HOUSE!!!
What specifically do you mean by mortgage payoff companies? Mortgages are typically paid off when you refinance or sell?
I am specifically speaking of companies whose service is paying off your mortgage. I have heard of a few of them but was wondering if anyone know of some I haven't.
Your question doesn't make much sense. Can you clarify what it is exactly you are looking for?
There are companies that will help homeowners by paying off their mortgages.
For example, if you have a mortgage loan for $150,000, they will pay it off. They charge a flat fee for this service.
I have heard of four such companies that helps homeowners in this way.
I have heard of only one company that will soon be helping people in foreclosure keep their homes and they don't charge an up-front fee for their service.
I was wondering if anyone else knows of any other companies that offer this service or have any experience with this new type of service?
Go back and read what you are typing. Maybe I am just tired.
Are you talking about mortgage eliminations? http://www.dlkconsultants.org/tm/MortgageElimination.html
Yes, I am talking about companies like DLK Consultants.
Do you know anyone who has had any experience with them?
Sounds like a debt reduction company. What they do is help you budget your money to pay off your own debt faster. I don't think that is a good idea. then you just have one more expense. Paying off a mortgage and other debt is done by paying as much as possible more than your minimum payment on your smallest debt. then when you finish paying that off you put that same amount (payment + extra payment from first/ smallest debt) on the next smallest debt. Then when you pay off that second debt take all of what you were paying on the second (first debt's payment + Second debts payment + extra payment) and add it to the third debt's payment. People who do this faithfully get from near bankruptcy to debt free in 7 to 10 years. I doubt that a business is going to pay for your mortgage they are there to make money, not lose money.
I just looked at that website. my problem with that is that when you get a mortgage you are agreeing to pay it back. and you are getting a value for it. if 20% of the mortgages out there did that our economy would get really screwed up. wanna see some high intrest rates? You think 22% APR is bad? . . .
Josh
[addsig]
I disagree with your process. You don't want to pay the smallest debt off first just because you can then apply that payment to another debt. You want to pay the debt with the highest interest rate first no matter how large the debt is.
Hello Dirtman,
Thank you for the link. I emailed the consultants and I like what I heard. Have you any experience with this type of service?
I read in another forum that some people have paid for this service and no longer have to make mortgage payments yet they keep their homes.
I am researching all the companies that offer this type of service. So far, they all seem to charge about the same amount and all offer 100% money back guarantee.
Quote:
On 2004-07-22 23:02, enoid1 wrote:
Yes, I am talking about companies like DLK Consultants.
Do you know anyone who has had any experience with them?
I wouldn't put any money up front. They are trying to get people out of paying their bills. If what they say works why would they have to pay your refund. Stay away and pay your mortgage like everyone else. There is no "free lunch"
Do you really think a bank would loan you hundreds of thousands of dollars and not be able to get paid back?
Hello,
I agree with you about putting money up-front. Fortunately, I did find one company that provides the service with no up-front fee.
Essentially, they claim to pay off your loan with no up-front money but you have to be in foreclosure. Since people in foreclosure probably don't have any up-front money; I can see why they would offer that option.
I think what they are offering is revolutionary. I know for most people it is something new and they would be more comfortable waiting to see if it works.
I figure if there is no up-front fee and they are willing to pay off my home that is in foreclosure then what do I have to lose?
Although, I would consult with an attorney regarding any contracts I would have to sign with them.
Quote:
On 2004-07-23 12:43, johnbriscoe wrote:
I wouldn't put any money up front. They are trying to get people out of paying their bills. If what they say works why would they have to pay your refund. Stay away and pay your mortgage like everyone else. There is no "free lunch"
Do you really think a bank would loan you hundreds of thousands of dollars and not be able to get paid back?
Let's see....what do you have to lose? Ummmmmmmmmmmm..Oh yeah...YOUR HOUSE!!!
Hello Greg,
I own a home and I only know of three ways in which my home can be taken with or without my consent.
1. Foreclosure- if I default on my mortgage and it's sold at auction.
2. I sign my title over to someone by quit claim. I have heard of REIs doing subject to existing mortgages.
3. By not paying my property taxes.
Please let me know of other ways in which I can lose my home. I may learn something new here.
With the company I mentioned, there are only 4 documents you sign; however none are even remotely close to a quit claim deed or any documents that will allow you to lose your home.
Anyway, a person should always consult with an attorney before you sign any documents related to your home.
Quote:
On 2004-07-24 08:30, GregTanner wrote:
Let's see....what do you have to lose? Ummmmmmmmmmmm..Oh yeah...YOUR HOUSE!!!
Ok...Well go for it...Good Luck!!