Beware of real estate debt elimination schemes

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: "A firm called Success Trust & Holding LLC has offered, for $4500, to make my mortgage payments for three years, at which point my mortgage will have been completely paid off. In addition, they will pay me an amount equal to the value of my house at that time. Comments?" Among the early mortgage payoff schemes I have looked at in recent years, this is perhaps the most outrageous. The STH plan makes other early payoff plans look benign in comparison. The others ask you to pay them for showing you how to accelerate the repayment of your mortgage with your money. Their deceit is in making you believe that you couldn't do it without them. In contrast, STH promises that if you pay them $4,500 upfront, have 20 percent equity in your house, and add them to your deed as a co-owner, they will make your mortgage payments for three years. At the end of that period, they will deliver a paid-up mortgage to you, remove their name from your deed, and cut a check to you for the curr...