Sunday, March 05, 2006

Mortgage Scum Ad on Craigslist

This mortgage ad on Craigslist:


Great news for everyone in need of a Mortgage! The loan program with the low 1.25% payment plan!

Remember, your payment at 1.25% is only $300 a month on every 100k borrowed versus $625 if you select a 30 year mortgage at 6.50%. It takes a little over five years for your 30 year fixed mortgage to begin reducing your principle balance so the 1.25% payment allows you to spend your extra money per month on investments that can increase your monthly income and net worth substantially.

If your home loan is 250k and your payment is running $1,500 a month or more, we can refinance your home on the 1.25% payment plan and your payment will run only $750 a month. Over five years, that equates to $45,000!

Only a very few will ever pay off a mortgage so why bother throwing away so much money away every month when you don't have to?

Please contact me if you are ready to refinance, get cash out or buy a new property. No up front fees, zero origination and discount points. Stated income and minimum FICO score of 660 required. Minimum loan amount 200k. and can close your loan in as little as fifteen business days.


First off this mortgage ad was place in the real estate for sale part of the Baltimore's Craigslist. It should not be placed there. It will probably be flagged and removed pretty quickly. Secondly this mortgage broker states "It takes a little over five years for your 30 year fixed mortgage to begin reducing your principle balance" which is false. From, the very first monthly payment on a 30 year fixed mortgage the principle is reduced (albeit by a small amount). The ad is downright scummy.


  1. Flippers are getting desparate in Seattle where even the REPO man says "Unfinished remodel, not especially well done."

    Well at least the REPO guy is honest.

    Here is the post from Seattle Craigslist:

    ---------------------------------Maple Leaf **FORECLOSURE**4/2.5 1620sqft
    Reply to: (see message body)
    Date: 2006-03-04, 8:59AM

    Great potential for sweat-equity in this fixer-upper! Awaits your vision and creativity for full potential. Unfinished remodel, not especially well done. Trash-out recently completed. Convenient location, close to everything north Seattle has to offer (Northgate, I-5, restaurants). Rapidly improving area. Here's your chance to get into a great neighborhood for less than you'd expect! Don't wait on this one! Sold as-is without warranty of any kind VIEW BY APPOINTMENT ONLY

    Specializing in FIXERS, FORECLOSURES, SHORT SALES, ESTATE SALES to capture potential equity for my clients
    SEE WEBSITE for this and other HOT PROPETIES
    CALL Jim @ Preview Properties Inc….FOR MORE INFO 425-327-4866

    Original URL:
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  2. Outrageous. Almost no one will ever pay off a mortgage? Unbelievable.

  3. Too bad their are not criminal or at least civil sanctions for this false advertising.

  4. I read this today in the Sacramento craigslist.

  5. Hey, if you see ads like this on our site, please flag them. This one was flagged away.

    If you want immediate action, send the link to, or if you want, send it to me directly.



  6. This may not be the right forum for this question, but here goes.
    I work on a private yacht and am paid by a private offshore account; therefore, other than bankstatements verifying deposits, I have no proof of income. I am undercontract for a house in Beaufort SC. I have not, no surprise to most of you, been able to obtain a mortgage. I've attempted to find a 'private mortgage,'but have bave been unsuccesful here also. This dispite a 700 score and a more than adaquate income to handle the 7 year @ 6% on the $105,000 mortgage I am looking for.
    Can any one be of help to me?