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Hi I'm thinking about joining the Pic Realty program but having been on the actual site there isn't too much info on how it all works.
Are there members here that have already joined ?
What if I decide I want to move house during the program, will that be possible?
And what are my liabilities? is it possible the program will fail?
Appreciate your views/advice
Regards
Nigel
Hi,
I am also interested to know more about this Pic Realty.
Is there a website to register ?
Thanks for your infos.
:o
The website is Picrealty.com, all they say is NEVER PAY YOUR MORTGAGE AGAIN, which is great but want to know the small print, I understand you pay Picrealty 10% of your outstanding mortgage and then they work their magic but would like to know a bit more than that....
It has to be your primary residence only.Quote:
Wonder if it works on second homes abroad where a mortgage is outstanding.
Anyone out there having their payments met by this programme? B great to hear. :D
They will not do second homes or investment properties.
Pays the first mortgage only.
Sign up on the website.
Submit your documentation.
They will approve you and tell you how much you have to pay.
Starts paying 30 days after you make your Picpay payment.
I'm probably just being over cautious but losing $450 compared to losing your home is a bit different... what are the risks?
From what I read, they are going to make your payments for you. So you would still have the same account with your financial institution. If for some reason they didn't make the payment, then you still could. You would be making the payment anyways without the program, right?
why bother?
just set your 2% program to 100% reloan for a few years and you'll be a millionaire.
why risk your home?
:? :? :?
Your home is not at risk, everything remains in your name. PicRealty is just making the payments and if for some reason they didn't you could make it yourself. There have been several messages recently about payments being made already. You can get more information by logging into the site as most information is not on the main page.
Really, its got no risk. Assuming u have the ability to pay ur own morgtage now...and keep that ability!
Picreality steps in and makes the payments...pays off the M in two years. So...after a few months ur going to be AHEAD...even if they miss a payment..or are late ..YOU are ahead.
Secondly, you dont have to send them any of your money..if you have a healty pips account...then use that only.
Its basically a type of merchant offer...use ur picpay (ROL) to pay off your morgtage..but have 2-3 payment set asside in ur savings just to be on the safe side.
Your home is never at risk...
Anyone out there having their payments paid?
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
Alchemy how long did the process take ?Quote:
Originally Posted by Alchemy Norway
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.