THE OLD "PAY OFF YOUR MORTGAGE" SCAM

I was just doing some research on the Internet, and Lo--there is an ad saying, "FEDERAL STIMULUS WILL PAY OFF YOUR HOME IF YOU HAVEN'T MISSED A PAYMENT."

This is an outright lie.

Nobody in America is going around paying off home mortgages for free. That would bankrupt the US treasury. It can't be done and it isn't being done. It's a scam--a lie.

About 62 percent of all homes in the US have a mortgage. In 2020 that amounted to 13.6 million homes. Consider how many trillions of dollars it would take to pay off those homes. That fictional prospect is beyond the reach of the US government.

There is just nothing in the federal stimulus plan to pay off your home. It sounds really good, but it's a scam.

WHAT REALLY HAPPENS WHEN YOU REACH OUT TO THIS SCAM?

Basically, it's a trick to pitch you a refinance or new mortgage on your home. That's all.

When you click one of these ads, you will be asked questions like: your name and address, phone number, your home's value, and the amount of your current mortgage. It's a phishing expedition to get your information!

Far from paying off your mortgage, these unscrupulous lenders will try to sell you a NEW MORTGAGE. They simply want to "pay off" your current mortgage and replace it with a new one--which could be more miserable than the one you already have.

If you're asked to pay an upfront "service fee" or "deposit" to pay off your mortgage, run for your life. This is an even-worse scam and your money will be gone instantly.

If it sounds to good to be true, it is. Nobody is paying off home mortgages for free. I can't believe people fall for that--but some do. Don't be one of them.