The latest scams taking advantage of homeowners are the popular "Mortgage Elimination Programs," which promise homeowners the complete eradication of their mortgage debt in as little as 7 months. Mortgage Elimination programs utilize "questionably legal" documentation meant to confuse the homeowner into believing that legal loopholes exist and will work to eliminate their mortgage. These "Programs" promote themselves as legitimate processes, which allow the homeowner, for a substantial fee (often $3500 to $20,000), to hire a team of individuals dedicated to absolving the mortgage debt. The companies work through brokers and internet pop-ups to find financially distressed homeowners, and exploit their willingness to give personal information and financials by promising them complete elimination of their mortgage, but retention of their property.
The three most common methods these companies employ for mortgage elimination are:
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Content updated January 11, 2005