Thread: A quick question about the mortgage program

I have been reading the good news about payments for people's mortgages on the forum here, and got to wondering.

Can I use my Picpay to apply for the payment of my mother in law's mortgage? She has been helping us out a lot lately, and this could be a great way to pay her back. Can we submit her paperwork and if accepted pay the 10% from my picpay? Does anyone know?

The quick answer is yes to both questions...

The point below is from the picrealty website

Step 6: (member)
Members will then pay the administrative fees according to the amount stated in the Acceptance Letter. Please remember only pay after you have received the acceptance letter. There are two payment method available (Picpay and Wire Transfer).

Hi Panama,

I wish the best for your gracious concern towards your beloved ones however, and unless you legally change ownership by notary from the first owner or, convince your M-i-L to open a Pips acct.... your application will not be accepted if it is through your behalf and from your account.

This is a solution primarilly aimed at PIPSters who have an account (being a member) and are living in that said property themselves to qualify for this unique package deal.

But there is a way...if there is a will to be convince...., to begin with.

YB.

I could open an account for her buy buying units with my picpay, then build funds and take them out into a pispay account for her, the only thing is that it would take 3 months or so to do. How long is the paperwork and approval taking for the program?

Panama

I would reccomend only using picpay for your deposit and not hard cash.

Is this program clearly working? I have been on the website and it looks too good to be true.
If I Pay 10% of my mortgage total to/thru PicPay, then the rest of my mortgage is paid by PicPay? Am I saying this right?

ARE many people using this service? Is is reliable?

Ontario

It is very realistic if you know what "leveraging" means.

Originally Posted by bcharles

Is this program clearly working? I have been on the website and it looks too good to be true.
If I Pay 10% of my mortgage total to/thru PicPay, then the rest of my mortgage is paid by PicPay? Am I saying this right?

ARE many people using this service? Is is reliable?

Ontario

The program is, currently, working and members mortgages are being paid. I am probably going to do this myself as there are rumours of the bill payment services through merchants being stopped (although of course there is no official update on this).

How long they continue to be paid is another matter. Still, even if they make only 3 or 4 payments then that's some money you've saved.

Originally Posted by YogiBrood

Hi Panama,

I wish the best for your gracious concern towards your beloved ones however, and unless you legally change ownership by notary from the first owner or, convince your M-i-L to open a Pips acct.... your application will not be accepted if it is through your behalf and from your account.

This is a solution primarilly aimed at PIPSters who have an account (being a member) and are living in that said property themselves to qualify for this unique package deal.

But there is a way...if there is a will to be convince...., to begin with.

YB.

YB,

I'm a little confused by your post. I was informed that you do not need a P*p* account to use the P Realty service, and it is perfectly ok to pay for a friend or families 10% via your own P P account for them.

I was informed of this via someone who has just had his first payment made for him, and is currently setting up the service for a friend, which he will ultimately pay for via HIS P P account.

Anyone had any official clarification about this subject?

As I am NOT a spokesman responsible for the way PicRealty is set up, I am however, clearly informed about it and fully understand the way it is set up to succeed. I will not go into details myself for it is wiser that each individual eventually make direct contact with PicRealty.

One example for perspective:

Your passport is used for another family member entering UK or USA for instance and when Immigration stopped you, they won't let you through because you are NOT the person you actually should be as the passport details reveal.... :roll: Yes, your passage and insurance may have been paid for, but U R not what the passport says.... as we expect you to be to qualify entry!

That's just a small portion for you to understand, why it is imperative that the applicant, first & foremost, must first have an Acct as member to facilitate a host of other legal issues tied to the process.... and each country in question don't quite see eye to eye with this remarkable solution....let alone, when facts and details start going disorganized and cannot easily be accountable if PicRealty has no control of who is WHO....even if one claims....: But she's my mother-in-law, for heavens sake....!!! :lol: :lol: :lol:

Make contact with PicRealty is my advise for you, don't go further beyond that, buying a house and owning one under mortgage is NOT a small errand for most people. :)

Goodluck,

YB. 8)