Extinguishing a bank note

[Alex K.]

I went to my first local REI club meeting last night. There was a speaker representing a company that extinguishes your bank note due to mortgage fraud. It works like this: you are an upside-down homeowner or owner of commercial property which is under water. You pay this company $1500 to $2500 and they will investigate your bank note and determine if it was handled in a fraudulent way (he said most are). Then then will use their legal knowlege to "extinguish" the note and sell the property. You get 30% of the sale amount and the note is gone. They don't guarantee it will work every time.

Now this guy is in the marketing area and can't answer exactly how this is done. There were many people asking him questions after the meeting. I spent the whole time trying to figure out if he's a moron or a scam artist or both.

Has anyone here heard of this scam before?

BTW I offer this service for only $1000 but of course it's not guaranteed.