For the last month I've received the same spam fax in my email box almost every single day. In the mail, I receive all sorts of junk offers about how I can get a garbage 1% interest only refinance loan. Having just signed up for a 30-year mortgage less than five months ago, do they really think I'm going to refinance and pay out more closing costs? I realize they're playing a numbers game, especially when email and faxes cost so little to send out, and assume that a small percentage will respond - but it smells so ridiculously bad that I don't understand how even the 0.5% (or however many) even consider this an option.

The second best part of the advertisement are the following bullet points listed under "What are your needs? ... We do it Better!!!"

• Debt Consolidation
• Bankruptcy OK
• Unlimited Cash Out
• Home Improvement
• Commercial Loans
• No Income Verification

How does that not smell like a scam or, at the very least, a bad idea? Considering that in order to get a mortgage in the first place I had to submit extensive income verification (and they called my place of employment) and bankruptcy was NOT OK, anyone who just received a mortgage must see red flags everywhere.

And best part is that they list loan amounts and monthly payments:

Loan Amount = Monthly Payment

$200k = $643.28

$300k = $964.92

$500k = $1,608.20

$1M = $3,213.40

$1M+ = call for payment

If you have a $1M+ mortgage and are seriously considering using a debt consolidation/refinance/company that sends spam faxes then you better call up a real estate agent instead because you're overextended on your mortgage. :)

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