Thread: PicRealty has made Payment on a Mortgage!!

Originally Posted by daryn2005

Originally Posted by Mr. Psychologist

In Norway a member got his mortgage paid too :D

I'd be terrified to do this... what if the money just "stopped"??
maybe one day I'll have the confidence

To play safe:

- pay the requisite 10% with Picpay
- continue putting aside the amount of mortgage you normally pay per month

PIPS Realty endeavours to fully pay for your house within 2 years which presumably means in most cases, that it's paying more than your normal monthly payments. So if it suddenly stops paying, at least a good bulk of the mortgage has already been taken care of and you'll just need to restructure your housing loan and pay the remaining value via your usual sums or less.

Originally Posted by fluffy

Originally Posted by daryn2005

Originally Posted by Mr. Psychologist

In Norway a member got his mortgage paid too :D

I'd be terrified to do this... what if the money just "stopped"??
maybe one day I'll have the confidence

To play safe:

- pay the requisite 10% with Picpay
- continue putting aside the amount of mortgage you normally pay per month

PIPS Realty endeavours to fully pay for your house within 2 years which presumably means in most cases, that it's paying more than your normal monthly payments. So if it suddenly stops paying, at least a good bulk of the mortgage has already been taken care of and you'll just need to restructure your housing loan and pay the remaining value via your usual sums or less.

Good strategy Fluffy! Nothing to lose except a bit of time on the paperwork - and possibly a lot to gain.

I would not recommend any other stratagy other then what they said above.

Pay the 10% requirement with PICPAY.

Also, continue to keep your monthly morgage payment to the side while PICrealty is paying your morgage. Then in a worst case senerio situation. You alway's have a back up plan.

I wish I could do it. Yet I do not have a morgage nor would I have 10% of a morgage in PICPAY at this time available.

Good luck to all

Originally Posted by daryn2005

Originally Posted by Mr. Psychologist

In Norway a member got his mortgage paid too :D

I'd be terrified to do this... what if the money just "stopped"??
maybe one day I'll have the confidence

If the money just "stopped" then you would just pay it as you have been doing. According to the reports I heard, PicRealty payments have been going out early, so if it stopped you would have time to mail it to the Mortgage company.

Ant

Originally Posted by invhope

I would not recommend any other stratagy other then what they said above.

Pay the 10% requirement with PICPAY.

Also, continue to keep your monthly morgage payment to the side while PICrealty is paying your morgage. Then in a worst case senerio situation. You alway's have a back up plan.

I wish I could do it. Yet I do not have a morgage nor would I have 10% of a morgage in PICPAY at this time available.

Good luck to all

I suppose you are right,... but somehow I'd feel better trying it if money was flowing, maybe one day the discussion will be moot