STIMULUS PAYS YOUR MORTGAGE? REALLY?

"If you haven't missed any payments, the federal stimulus will pay off your home mortgage."

"If you are behind on your mortgage payments, the stimulus will pay off your mortgage."

Absolutely false, false, false. No program pays off mortgages and gives you a free house! No way!

These claims are clever and deceptive ways to market a scam or a product. The aim of these ads is to get you to either click on a website or call a toll free number. Then, you will be "baited and switched" to one of a variety of deceptive products or become victim to an outright scam.

The most common trick is to offer to refinance your home mortgage. In other words, pay off your existing mortgage with a new mortgage. So, this is often just a way for finance companies or unscrupulous mortgage lenders to solicit your business. A new mortgage or "refinance" on your home could be advantageous under some conditions, or it could be disastrous! Never undertake such a move without sound financial advice from YOUR trusted advisor. Have your lawyer review any contracts or papers before you sign.

Just remember, there's no such thing as a free mortgage or a free house!

Simple answer: There is no federal (or state) stimulus program that will pay off your mortgage and give you a free house under any circumstances.

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This article/posting is intended for general education and is not intended as legal advice. For any particular financial or legal problem, the reader should consult with an attorney or competent financial advisor before taking action.