Have you ever heard the “conspiracy theories” out there about the federal reserve and banking systems coercing you into a non-enforcable contract called a “mortgage”? The reason it is non-enforceable is because the money lent to you for the purchase of the house is created “out of thin air” and therefore doesn’t really exist? Read The Creature From Jeckyll Island or The Fed if you wish to go deeply into this concept. I believe it as fact, but I don’t believe there is anything at all we as citizens can do about it.
In recent years, companies all across the country have sprung up claiming the unbelievable: they can completely eliminate your mortgage and you will own your house free and clear all based on the fact that the mortgage funding process is fraud and you can beat the banks at their own game. HAHHHAAAHHA right. Ok, once you learn the intricicies of WHY these companies propose this, it does make sense, and I do believe it is all factual information…. except the part about you being able to do anything about it. Here’s how it works:
- You have a house with a mortgage
- You want to get rid of the mortgage altogether and own the house free and clear
- You and your new best buddy and the mortgage elimination company file a “fraudulent” document at your county or city stated that existing mortgage is paid off (a lie)
- You quickly refinance your house for cash and split the proceeds (no biggie, you’ll eliminate that new mortgage also)
- You stop making your payments, the mortgage elimination company waves its magic wand and you’re FREE!
Not only does it not work, you’ll lose your house to foreclosure, you’ll damage your credit severely, and you’ll piss off the bank. Let me tell you again, this stuff is based on fact and it does make sense when you hear there arguments. Whether or not they are correct is not the point. The point is this is NOT the way to fight the system, the system WILL SCREW YOU. I have not tried this myself, nor do I plan on it, so again this is all opinion here. Please be careful of these scams, if you have any experience or involvement with these I would LOVE TO HEAR SOME STORIES!
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