Negotiate a Debt Settlement

Has anyone heard the commercials that promise to eliminate mortgage debt in 5 years?

It has to be a scam but I curious if anyone knows what it is all about?

Public Comments

1. If it sounds too good to be true then it is!!
2. I can tell you how to do that. Just triple your montly payment and voila. Your mortgage debt is gone in 5 years.
3. BMW BFD is correct!
4. I've heard of programs that link your checking account to your mortgage account (our local news did several stories on the concept recently). Your paycheck is automatically deposited against your mortgage and any checks you write or cash you withdraw gets added back to the mortgage. It's legitimate, but it only works if you spend considerably less than you earn. The fact that your whole paycheck goes against your mortgage balance means that your average mortgage balance is lower, which means you pay less interest. Also, any money you don't spend each month reduces the amount of your mortgage balance. So rather than saving extra money, it all goes against the mortgage. Just beware that all companies offering this are not created equal. I'm sure there are some that charge a lot to set it up; so do your research. I found a FAQ, but I can't vouch for the company itself (see link).
5. it's a crock. if it were true we all would be mortgage free.
6. Most ARE scams, but you CAN eliminate your mortgage in about five years IF you have the money. All you have to do is pay extra toward the principle each month. Any lender and several on-line calculators can determine how fast you will pay of the loan with a given extra payment. You can make the extra payment on your own WITHOUT using a 'service'.