Phoenix, AZ (PRWEB) April 1, 2006
The FBI, Federal Reserve System, and Office of the Comptroller of Currency have alerted the banking, lending, and mortgage industries to a scam commonly called a “Mortgage Elimination Program”. These programs promise to eliminate mortgage debt in as little as seven (7) months.
Those organizing and perpetuating these scams are doing so by using convincing-looking but false financial documents, and making outrageous claims (such as questioning the legitimacy of the Federal Reserve, or the validity of U.S. currency). Clients must pay upfront, usually large sums of money – upwards of $2,500 or more.
“Debt elimination programs that claim Federal Reserve approval or acquiescence and the satisfaction of legitimate debts through the presentation of suspicious documents are totally bogus…” states a Federal Reserve letter dated January 28, 2004. It goes on to say that “the Federal Reserve does not approve, and is in no way involved in any program aimed at eliminating anyone’s debt obligations.”
Blue Financial asks consumers to carefully research any company or individual promising a quick solution to debt or mortgage reduction. Hal Jolley, President of Blue Financial says, “Such claims are typically invalid and said companies or individuals are likely unable to keep their promises. Consequently, a consumer may find him or herself farther in debt after paying the fees required from the company or individual.”
For more information on the news that is the subject of this release or to interview Hal Jolley please call Mr. Jolley at 480-682-2583, or visit http://www.Blue123.com.
Blue Financial was founded in 2002 to provide Arizona homeowners with less than perfect credit a place to borrow money at low rates, and to assist homeowners, through a refinancing transaction, to move toward the path of financial freedom by consolidating their debt, improving their monthly cash flow, and improving their credit history.