Thread: How does Pic Realty work?

My parents have 2 friends in Orlando FL that P*ps Realty has begun paying their mortgages as of last month I believe. I think their 1st mortgage payment has been made.
I don't know the details, but I do know for sure that P*Ps is now paying for them.

Thanks guys I appreciate your comments

We have just had our application to Pips Realty accepted and we have paid the Admin fee. I remember from the old forum that they had some explanation as to why withdrawal problems from Pips would not affect Pips Realty payments. Does anyone remember? Are they using other banks/financial institutions to transfer money? Hopefully our next payment will be done by Pips Realty :D :D

Originally Posted by Alchemy Norway

We have just had our application to Pips Realty accepted and we have paid the Admin fee. I remember from the old forum that they had some explanation as to why withdrawal problems from Pips would not affect Pips Realty payments. Does anyone remember? Are they using other banks/financial institutions to transfer money? Hopefully our next payment will be done by Pips Realty :D :D

Alchemy how long did the process take ?

If you are thinking of doing this, consult a tax expert because I now that here in the UK the PiPs Realty has huge tax implications especially for those who have very large mortgages which many of us now how because of the huge hike in house prices in London. Most of us have fallen into the inheritance bracket even though we are living in modest homes. The threashhold is £275k which won't buy much in London these days. In the good old days we had MIRAS that was tax relief on the mortgage, the Chancellor removed that in order to get more money out of us,same man took away the married man's allowance.

If you happen to be already in the 40% bracket the pay back to the tax man could be substantial - ask an expert to explain. Knowing how greedy the British Chancellor has become even those amongst us who have relatively modest means are clobbered hard.

Each country has different tax laws some more draconian than others but it's worth checking out if only for peace of mind.

Good luck to those - go for it!

Galadriel.