interest free loans

[needanswer]

In FL, but the broker is in Brooklyn, NY. They are called National Funding Services and I cannot locate any info. on them at the BBB. They offer interest free loans regardless of credit or income. You pay $200.00 up front and $50.00 a mo. membership unless you can get two people to sign up for loans in a month. then you don't have to pay the fee or 1 person and you will only pay $25.00. I currently have a 124K mortgage with mo. payments of $1,948.24 with $1,214.76 going to interest and $44.99 going to principle. It's a 30 yr. fixed. Now, this co. says they can refinance my mortgage for the same or up to $150K interest free for a maximum mo. payment of between $500.00-$595.23 plus the $50.00 membership fee (if nobody signs up that mo.) to be pd. off in 21-25 yrs. No matter how I look at it, this sounds so great that I'm scared! But I really need to get my mortgage payments down or I'll eventually lose my house, so unless someone can tell me that this co. is a scam and how, I'll gamble. The worst that could happen is I could lose the initial $200.00 and never hear from them again. They use your SS# for acct.#, but don't ask for banking info. Help!

 

[ALawyer]

The rule is that if something is sounding too good to be true, it usually is. This sounds like a SCAM.

Are they licensed as a mortage broker or mortage banker in your state or NY? If not, they 999 to 1 are phony.

And don't say all you can lose is the $200. You can become the victim of identity fraud, and in any event you lose the chance to refinance elsewhere.

 

[needanswer]

Thanks. I never thought of identity fraud. But how do I get a loan?! I'm gonna loose my house if I can't get this mortgage payment down! Nobody will refinance me or loan me money. No bankruptcy, but bad credit. There are people on the internet that say they will loan you unsecured personal loans regardless. I only need 10K to pay down the escrow & shortage and get caught up on a couple of months payments. If I pay down this shortage, my payment will come down over $300.00 per month. $100 more if I get my own homeowners insurance. Also I need 5K in revolving credit for my business. I loose big sales because I can't afford to buy the equipment that customers want. I could put the money right back in after they paid me and bank the profit if somebody would just help me with a little capital! What happened is that my mortgage got too high because I couldn't pay the taxes or homeowners this year. Then I couldn't pay any of my other bills after I payed the mortgage (which I can't even pay). My credit got really sunk then. Judgements from lawyers ect. Any ideas??!! Thanks.

 

[vrzirn]

Unless you can quickly find a nice, rich, old widow,the sad fact is that you just cannot afford that house. Either you take in some room-mates or you sell it and rent until you are back on your financial feet.
Good luck.