Is mortgage elimination a scam or legitimate?

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Mortgage Elimination

This is from Treas.gov:
Subject: Illegal Financial Activity; Description: Fictitious Debt Elimination Schemes
Date: October 1, 2003
Please be advised that worthless instruments entitled Bond for Discharge of Debt, Bill of Exchange, Due Bill, Redemption Certificate, or other similarly titled documents continue to be presented to financial institutions, mortgage companies, credit card issuers, and retail establishments throughout the United States in an effort to eliminate legitimate debts. Many of these schemes are premised on baseless or fraudulent claims against the United States Treasury, the Secretary of the Treasury, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Internal Revenue Service, or other federal or state agencies. (See also OCC Alert 2003-7 and OCC Alert 99-10).
Regardless of how such instruments or documents are titled or whether they appear authentic, they are worthless, have no legal validity, and are not payable through the United States Treasury, the Secretary of the Treasury, the Comptroller of the Currency, or any other federal or state agency. The OCC is aware of the following organizations and Web sites promoting these fraudulent schemes:

• America's Advantage
• eliminatemortgages.com
• goodbyemortgages.com
• mortgageelimination.net
• the7thfire.com
• Financial Dynamics
• remedywithredemption.com

The creation and presentment of these fictitious instruments may be a violation of Title 18, Section 514, Fictitious Obligations, or other federal criminal statutes, and any person(s) using such fictitious instruments with the intent to discharge valid debts may be subject to criminal prosecution.
If a fraudulent document such as those described above is presented to your financial institution, do not return it. Instead, retain the document and file a Suspicious Activity Report. Deliver the instrument and a copy of the SAR to the local office of the Federal Bureau of Investigation.

 

More Input on Mortgage Elimination

Here's what other WikiAnswers contributors have had to say:

• There are mortgage elimination companies that claim that because the lender can make money off your signature and didn't disclose it, that based upon this "fraud" you can eliminate your mortgage. My opinion is that you made an agreement with the lender and they are not obligated to "tell" you that they are making money off your agreement. There was also an alert issued by the OCC that these companies are using fraudulent financial instruments of discharge. Doesn't sound legit to me.

• I have seen it work many times. There are two ways that the process can be done. The first one is done through the courts (statutory) you will need an attorney for this. The process can take much longer to finish due to the over booked courts but it is very efective. The second one is done outside of the courts (non-statutory). This process is done by using a notary. This process can save time and money but who cares you're eliminating a mortgage. There is one draw back. The lender of your mortgage will test your nerves by sending "threatening" letters. Either way works but, make sure you do your homework and actual understand either process before you try it. I now have no mortgage.

• If these scams are legitimate why do they require the payment of fees up front? Why do they simply not deduct their fee from the amount YOU actually recover? Better still, why don't they pay your foreclosure costs and the costs of your ruined credit reputation when their scams fail to work? Are they not people of "good faith"? Do they not trust YOU to pay them for providing a service? Challenge them to prove the value of their service and actually PROVIDE the service BEFORE you pay them. After all, you would not pay to have your house painted BEFORE it is actually painted -- or you would not if you are smart. Why pay up front to obtain a service? All you will ever do in these scams is waste the money you pay up front. You will never, under any circumstances, have your mortgage debt eliminated by any of these scams.

• There are NO legitimate mortgage elimination companies; they are ALL scams. See the latest FBI warning Pay attention to their warning: "Don't believe it. There are no loopholes." These scam artists prey on your desire to get something for nothing ( actually, something for paying them upfront real money ). If you believe you have a legitimate ground to have your mortgage eliminated contact a competent attorney and ask his/her advice. Do not, under any circumstances, ever believe the fraudulent claims of these scam artists that they have investigated the "legal" basis of mortgage elimination ( there is none ) or that their "legal department" will handle your case or has offered its opinion ( they have no legal departments). Please save your money and use it for your own benefit; not for the benefit of scam artists who have no idea what they are talking about.

• Mortgage Elimination is a true fact of life, even if the Fed Reserve and the banks are using other organizations to make negative "scam & scheme" statements concerning just how effective it really is? If the banks were not worried that M/E has been take billions out of the own scams and schemes operations of "originating" the money to fund these mortgages by using the promissory notes without the "alleged" borrower's knowledge, then why would they even be on a campaign to "slam" these companies that are providing a process of legal mortgage termination? If there were "no such thing" as mortgage termination, why then would they be spending millions of dollars in their efforts to "silence" these legal companies? Wait up Americans, the Fed Res and the banks are stealing your future. Just this week, we can clearly see how powerful the banks are in controlling the congress, by the new bankruptcy laws that were just passed on Thursday. Credit card debt, hospital bills, and even the military personnel on active duty [defending these crooked banksters] are no longer protected by bankruptcy laws. The banks now have the Federal bankruptcy judges [who are paid by you and I] doing their collecting for them. By the bankster crooked collection agencies and crooked collection attorneys will not be out of a job completely, because the IRS is "outsourcing" the tax collections to them? Yes, this is correct. Why should the IRS worry about personal income taxes anyway, because the bulk of it goes back to the 60%+ foreingers who own the private corporation called the Federal Reserve, under the name of paying off our national debt.

• You know all through history, the most noise comes from the one who know nothing about what they are saying. The ones who know so much about banking system of the past 90+ years [and more profoundly of since 1933] should write to the OCC, your local congress-person and the Federal Reserve and ask them: "When a mortgage is originated where does the money come from?" "If the banks "endorse the promissory note making it payable to them, then please identify what Constitutional right allows them to do these?" "If the banks did create this funding/ money from the consumers' promissory note, the how could be bank be the legal 'holder in due course?" "What distinguishes a consumer-signed credit card application from the "bill of exchange" it becomes once a bank/credit card company endorses it." "How is it that a bank could "endorse" a credit card application and use it as and asset on their own accounting books, without the consumers' knowledge of this?" And finally ask them: "If a credit card bank can charge 'merchant fees/transaction fees' every time a credit cardholder uses it without this being included in their original agreement, then how could this not be considered a criminal violation?" Send your letters to the above mentioned agencies and see what kind of response you get. Nothing...or maybe we will let you know...or may the OCC will tell you to contact the Fed Res ... long story short you will hear nothing meaningful. So just keep spouting out that banks are correct and people are all crooked, even though your thoughts and statements are 100% incorrect.

• The fact that banks get lent the money to cover the mortgage from the fed at a lower rate then what they charge you has nothing to do with your mortgage between you and your bank. The fact they may use a promissory note that you owe the bank money as collateral is not a problem. Put it this way, if you have great credit and was to lend a friend money to buy a car. Say you would go to a bank, get a loan for 7% and charge your friend 9%. Great way to make some money and help out a friend, (or kill a friendship since you'd be taking the risk of default). The bank you're dealing with will want to know that you have assets available and that you have an agreement with the 3rd party. So you show them the promissory note they owe you, which you can go to court to collect in default as part of the collateral. As well you'd probably keep the car in your name until they paid it off (and have that in writing). The thing with collateral is that you don't give the bank the collateral, you just prove you have it so that if things go wrong they can take it. So if you are the person buying a car, do you honestly think a judge is going to give you the car outright because of anything written above? You got a car, you are paying as you agreed, where is the fraud? Where is the damages to you above and beyond to what you agreed? As far as credit card's starting to charge more for transactions with out you agreeing to it. Look at your agreement, you will have probably agreed that they can do anything they want to the agreement at any time. If you don't like it, get a different credit card and transfer your balance or pay off the credit card and stop using it. But even if you didn't agree to it, if you were to prove that you were fraudulently charged $500 in transaction fees on your credit cards where you hold a $40k balance, do you think a judge is going to give you $40k as a settlement? No, he'd give you some multiple of $500 since that's what you were damaged. Use common sense people. Plus anyone who says you have to pay upfront for a sure thing is a fraud. If you really believe in mortgage elimination and think its a sure thing, then get these people to take your case on a contingency. If they won't then they aren't as sure as you think about winning.

• Some of you must work for the bank or for some government agency to try to put a stop to the rapidly expanding mortgage elimination business. To clarify the mistakes made by the last post, all "fictitious consideration" backed promissory notes go into the debt systems created by the Federal Reserve and the people of the US pay for it in the form of taxes. Personal income taxes go primarily to the Fed Res under the name of national debt payments. I guess someone else will be saying that these taxes go to paving roads? Road taxes, fuel taxes pave roads ... liquor taxes educate. No matter how you try to defend our fraudulent banking system, you cannot and the banks cannot defend themselves against their contract violations such as: fictitious consideration, constructive forgery, fraud in factum, and the other 30 or more that comprise the average mortgage/promissory note. Of course (and I agree) that you will not likely find an honest judge who will rule against the banks. He will strike everything that you place into evidence, even your Fed Res buddies' publications arrogantly describing just how money is printed for nothing. The Fed Res price (as of today's scale) is $79.00 cost to them for the US printing and engraving office to print 1000 of the $1,000.00 federal reserve notes. The only way you can litigate against the crooked banking system is to initiate a legal search of the equity and the banks cannot defend themselves. I know many people who have had their mortgage legally eliminated and it costs the banks nor the Feds nothing, other than what would have been their "ill-gotten-gains," because in fact they never risked anything, so they could never lose anything, simple. Before you scream schemes and scams, learn more about what you are talking about and not repeating what you are told to say, like Greenspam's job encompasses.

• As for your theory concerning credit cards, it will do no go for you to shop around for another company who does not have the right to cancel, increase interest rates, or even lower your credit limits, this is a federal law and all credit card companies can do this. Shopping around is not an option as you have so incorrectly stated. The banks have romanced the politicians into anything they want them to do, so is evident as they have inter-woven the required usage of the credit cards into anything thing that you may choose to do. The credit card companies/banks' fraud works in a similar way as the mortgage funding origination process, except the c/c companies endorse your application a create an account (your account not their account) which they will tell you they own the funds and are loaning or extending to you. They are only providing you with your own money, which is money laundering and fictitious consideration. There are also 2 criminal federal laws that are being broken everyday by the credit card companies (yes, all c/c companies) which I will not even attempt to explain to the unknowing.

• The theory of borrowing money for a car for your buddy and keeping the car in your name is another bad thought process, as well as the other ideas about money and lending. If you put a car into your name and give it to a buddy, the buddy goes out and runs down a few people, who do you think the judge is going to allow the attorneys to destroy? Simple, you!

• The are even more bank and mortgage company schemes and scams becoming more apparent on the internet. Banks are now hiring agents to search the internet message boards and forums so they may enter negatives under their stealth usernames as concerned consumers. Using fear tactics and the overused publicity about the Dorean Group. Their fear tactics are used to attempt to silence the honest questions that people want to know the answers to, by diverting from the real issues that banks used you signed notes to create the funds for your mortgage, into "it want work and you will go to jail for fraud -- you will lose your home. These are nothing but unfounded scare tactics and are supported by no facts of law. You must understand that this banking schemes (especially credit cards) have produced billions of dollars for the banks per year. Congress remains silence, the banks continue to get more and more control over the people (usury fees, unlimited interest rates, collection abuse) but the government agencies that are to protect the citizens do nothing to prevent this banking fraud. When these monopoly banks are caught being involved in fraud, the FTC or other government agency does a slap on the wrist (charges a fine) and it's back to business as usual (back to fraud) for the banks. If you will do some simple research you will discover that JP Morgan Chase, Citibank and Bank of America are being caught-up in fraudulent money laundrying schemes on a regular bases. They pay a fine by none of these government agencies ever even talk about taking away their banking license/charter as they should be. When the American people are caught-up in fraud they go to JAIL --- banks just pay "hush money" (money they have stolen from the public) and get carte blanc to continue their fraud. If the banks were not so apprehensive and fearful that the general public is learning more and more about their fraudulent activities then why have they purchased placement stocks in CBS, NBC and ABC and now is starting to purchase large portions of stocks in the well-known internet search engines??? Nothing more than to report what they want you to know. In February Citibank paid 2.6 billion to evade fraud charges and JP Morgan Chase paid 2 billion for the same Enron scam, nothing was heard on the media about this??? Last month when JP Morgan Chase paid 356 million to avoid fraud charges you saw nothing on the media about these facts. This in nothing new. The banks' fraudulent schemes and scams have been around since the Banking Act of 1913.

• The only way you can eliminate a mortgage and keep your home is by paying it in full or refinancing it. All this doublespeak about the Fed and "origination" of funds is just a bunch of hogwash. When you sign the promissory note for the mortgage, you are signing a CONTRACT between you and the lender. If you fail to honor the terms of that contract (i.e. making your payments on time until the loan is paid off), the lender may exercise any number of legal remedies to get their money back, including foreclosure and sale of the property. What the lender does with money they get from the Fed is irrelevant, because it's THEIR money, not yours. Let's be reasonable, folks. If such a loophole ever really did exist, it would be well known by the banking and finance community, and they would have had the law changed long ago. Bottom line: so-called "mortgage elimination" companies are a S-C-A-M of the highest order. Stay away...stay far away!
• Hogwash? For starters, the bank doesn't have any rights to the property, except for the rights that you gave them (granted) when you did sign that "contract" via power of attorney. Taking away their power of attorney is the first step to taking back your property, followed by many other things. Additionally, if a bank forecloses and auctions the property, they are only auctioning their interest in the property, NOT the property itself. Naysayers really need to take a step back, turn OFF their TVs and seek out some real education before posting mindless dribble.

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First answer by ID1117365546. Last edit by Blurredjimi. Contributor trust: 4 [recommend contributorrecommended]. Question popularity: 643 [recommend question].