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Picrealty Offers Payment Of Your Mortgage

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Posted by: forwardone

I wasn`t too sure which was the more appropriate place to post this. In the existing PIPS thread, or here discussing Program Enquiries.

As this is new, and an offshoot from the normal PIPS program it probably fits in here better.

The program is https://picrealty.com/index.php

How can this be done, any thoughts? Sounds way too good to be true, but, maybe there is something in it.

Quote:
In addition to the bank PIPS Realty was officially launched today with the slogan "Never pay your mortgage again". All you need to do is send a certified copy of the mortgage which will be verified. If all is well you make a one time payment of 10% of the mortgage balance and then PIPS pays it for you. In conversation with Gary he expects to be able to pay of the mortgage in around 2 years at which time you would receive clear title. You could re-mortage and do it again if you wanted. The web site is https://picrealty.com/index.php
Geoff


Posted by: forwardone

I saw this on another forum recently, and, like the poster, I too have no idea whether the PICRealty plan is genuine, or a scam. But, forewarned is forearmed, so here goes.

Quote:
watched a program called W5 on the CBC last night and the topic was mortgage fraud.

Before watching this program I had no idea how easy it is to steal someone's home and how soft our panty waist judges are on those who commit these crimes.

One gentlemen in Ontario, Canada saw his home offered for sale in a local newspaper. When he investigated he learned that a scammer had filed fake documents and that the deed had been transferred to the scammer who was now trying to sell the guys home.

He called the RCMP and after a lengthy investigation charges were laid and the scammer got 30 days in jail and was ordered to pay restitution of $15,000 to cover the legal costs of the homeowner. The homeowner has never seen a penny of the $15,000 and his lawyer advised him to forget about it. It would probably cost more to collect it than $15,000.

Another lady received a call from a bank informing her that she was in arrears on her mortgage payments. She didn't have a mortgage with that bank. In that case a fradualent realty company had obtained her name and some identification. They had fake cards with somebody else's picture on it and went to the bank and borrowed $500,000 agianst the lady's home which she owned. Since she had excellent credit the banks and the bank's lawyers didn't do any digging at all. The realty company is blaming the person with the fake ID and claim they don't know who she was. The police aren't buying it and the case is in court.

In Alberta, Canada last year there were 280,000 cases of mortgage fraud (most were using the Oklahoma Bump) and not one person went to jail. The paper trail is so complicated that the police have a difficult time proving beyond a reasonable doubt sho actually committed the crime. It could be the holder of the fake ID (who can never be found), it could be the mortgage broker (who it usually is), it could involve the lawyer (it rarely does).

Now don't get me wrong. I am not saying that PIPS Realty has such a scam in the works. I don't know. If you do decide to send them 10% of your mortgage balance and access to your mortgage account you should be aware of what can happen.

You may get your mortgage paid of simply by paying PIPS Realty 10% of your outstanding balance.

You may lose the 10%.

You may find that someone else lays claim to your home or has taken out a 2nd mortage without your knowledge.

If anyone would like a transcript of the W5 Episode that aired on March 19 contact the CBC (Canadian Broadcasting Corporation). Transcripts are available on VHS or in print.

**(The Oklahoma Bump is when a run down property is purchased for a rock bottom price. It is then sold to a second company owned by the same person that just bought the property at an inflated price.

It can be shuffled back and forth several times without any money changing hands. When the property is BUMPED up to a certain amount the property is mortgaged and the scammer disappears with the money)
Geoff


Posted by: awty

Just remember rule #1 - I refuse to even consider risking my family's home...

Just my opinion,
Jeff


Posted by: rixzta

Memories of Wellspring jump out at me at this time.........and I shudder violently !


Posted by: betrdanevr

Sounds like a pretty far-fetched proposition to me, too!!


Posted by: candy

Taking 10% of the value of your mortage and putting it in high risk programs to generate an income that might make your mortage payment is risky enough but trusting a HYIP with your mortgage information and to handle the payments is beyond acceptable risk.


Posted by: forwardone

In an effort to `fill in a few blanks` here`s a post by a member on the PIPS Forum.

Quote:
I was at the convention so I will tell everyone what I remember about PIC Realty (PR).

It doesn't matter if you have a existing or new loan, the rules are the same. If you don't have a loan you must get one/qualify for one on your own.(PR is not a motrgage lender, they will not get you a loan.)Send them 10% of the outstanding balance and PR takes it from there. Bryan wasn't exactly sure about the repayment schedule, the 18-24 month issue. He stated it would depend on the success of their, PIPS Realty, investments. Bryan did not say what vehicle would be used to pay off the loans; he did not specify either the 2% or 3% , or any other program for the payoff.

The PR program cannot be used for any commercial or investment property. It will only be approved for your primary residence. You can't go out and buy a number of speculative properties and apply for to PR to payoff the loans.

A specific question was asked about re-applying for another loan after your property had "increased in equity." That was the term used by the questioner. Now, I don't know if the question was about having two loans out at once on the same property, but I think the question was about taking out another loan on the same property once the initial loan was paid off. Bryan was specific in saying that you could not have another loan on the same property. Once you use PR to pay off a loan, that is all you can use it for on that property. That is not to say that you couldn't buy another vacation home, or some other property that would be in your name, and use PR to pay that loan off.

You do not have to be a PIPS member to use PR. It is open to anyone who wishes to apply.

The site is open and, supposedly, running. I don't know why some people are having a problem bringing up the site and/or signing up. I had no problem getting signed up. I have not tried to download the forms.


Quote:
You do not have to be a PIPS member to use PR. It is open to anyone who wishes to apply.
Frightening!

Geoff


Posted by: buildwealth

I addressed this topic in another forum when i saw it (being a Realtor and owner of a Mortgage Company all of my adult life), as this scheme or scam has been attempted before, without success.

Your mortage is "your" mortgage. With all of the problems I read and receive via email with this program & those trying to withdraw in any orderly fashion (I'm not in it nor would i consider it), who in their right mind would entrust their mortgage payment to be paid in an orderly manner to the likes of this outfit?

The responsibility for anything to do with your mortgage is Your Responsibility, and that can not be transferred without going through the mortage application processing. Therefore, Any LATE payments on your mortgage are a reflection on your credit for a number of years (Max. 10 years on your credit report); mortgage payments are considered by credit lenders of all kind to be the most significant credit item, therefore it can adversely affect your Credit report in All areas of credit in a very serious manner.

How do you intend to keep track of your mortgage payment being paid on time by anyone other then yourself so it does not affect your credit in all things. bring up the matter of "late charges" that also seriously affect your overall credit history. bring up the matter that Foreclosures can commence without notifying you in advance if even one payment is delinquent, meaning additional charges incurred in the process of Starting foreclosure that can be prohibitive, not to mention in credit circles that is the Kiss of Death!

Whether you "cure" the default or not, matters not on your credit report - the facts are there - Late Mortage Payment and/or Foreclosure instigated due to one delinquent payment - the damage is done - it cannot be resolved except with a lot of time, leading to higher interest rates on whatever you intend to do in the future, not to mention outright denial of credit from basic retails sources, etc.

Any organization professing to use this gimmick is seriously questionable as they are dealing with your family, your home, your overall credit now and for many years to come of not only you but your family. It would dig a hole for you, that only time and some serious money could possibly eliminate. Any group asking one to turn over this serious and significant aspect of your family's financial life should be questioned in all things they do. Are they getting that desperate to appear to be legitimate?


Posted by: forwardone

What happened with this offshoot program of PIPS? The site`s still up, but I wonder if anyone actually joined? If so, has PIPS done it`s part of the deal?

Geoff


Posted by: The Game

So far I know of a few that were approved and just paid their 10% this past week with picpay.


Posted by: forwardone

Yes, I`ve seen at least one instance of someone`s mortgage payment being made.

I wonder how many have taken this plan up? I just can`t see it being many, that would require a lot of confidence on the part of investors, and I think that`s been in short supply over the last few months.

Geoff



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