What is it about mortgages that attracts such throngs of scammy, bad ideas? I just had the displeasure of cruising through the underbelly of a website that purports to sell you the secrets of shedding your mortgage.* The site is virtually incoherent, and suggests that you create a tremendously complicated series of business entities to, effectively, defraud the mortgage company of its rights under contract.
Do you want to know how to really live mortgage free?
- Don’t get a mortgage.
- Pay off your mortgage.
There ya go. There’s no magic or legal maneuvering that will give you a house without a mortgage. You can either buy a house with cash, or you can get a mortgage and pay it off.**
Honesty is the best policy.
* No, I’m not linking to it! Google the first three words in the title if you must.
** Granted you can also have a short sale or foreclosure – but I’m concentrating on the more desirable outcomes.