Too-good-to-be-true mortgage offers

Debt elimination shouldn't come with upfront fees

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There's a new buyer-beware issue in the mortgage banking game that smells a lot like what was cooking in the "mortgage elimination" kitchen a few years ago. Internet marketers have been sending messages to borrowers indicating that they can get their "mortgage canceled or principal reduced" by signing up for a $320 mortgage matrix that could magically eliminate debt with their lender. One offering purported to have saved a client $61,000 in late fees while reducing the principal portion of the loan by $50,000. "There are always going to be people out there looking to mislead," said Ted. C. Jones, senior economist for Stewart Title. "And unfortunately, there are always going to be people who think they can get something for nothing. For some reason, there are people who have shown a propensity to simply stroll away from their loan." The people pushing the mortgage matrix plans typically offer information that consumers can discover f...