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  #1  
Old 12-08-2008, 12:47 PM
missdod missdod is offline
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Truth In Equity.com

This site was featured on Good Morning America..
The way I understand it.. you get a Heloc in place of your 30 yr. fixed, and they tell you how, when and where for $1500.00!!!!!! So you are suppose to trade your 6% etc,, for a Heloc that is 8,9,10 or who knows adjustable loan??? Hello!! Am I missing something here or what? Ok guys have at it... someone tell me why these accerlerated mortgages keep coming and why so many people say they work? We have mma, sidney, speedy thingy, cmg, now truth in equity.... why are the big mortgage companies not offering something out there?


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  #2  
Old 12-08-2008, 08:23 PM
JimmyDaGeek JimmyDaGeek is offline
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Re: Truth In Equity.com

Quote:
Originally Posted by missdod View Post
This site was featured on Good Morning America..
The way I understand it.. you get a Heloc in place of your 30 yr. fixed, and they tell you how, when and where for $1500.00!!!!!! So you are suppose to trade your 6% etc,, for a Heloc that is 8,9,10 or who knows adjustable loan??? Hello!! Am I missing something here or what? Ok guys have at it... someone tell me why these accerlerated mortgages keep coming and why so many people say they work? We have mma, sidney, speedy thingy, cmg, now truth in equity.... why are the big mortgage companies not offering something out there?
I'll answer your question in reverse. As long as a company makes money servicing your mortgage, they are going to want you to keep paying that mortgage. A mortgage broker, OTOH, only makes money when you get your mortgage. That's why he'll try to sell you MMA or similar program.

This TruthInEquity program is probably identical to CMG. Instead of a regular first mortgage, you are given a HELOC as a first mortgage. For the first 10 years, you can borrow up to the maximum limit and make interest-only payments, but that would defeat the whole purpose. Then, for the next 20 years, your limit goes down by 1/20 of the maximum amount per year, forcing you to make sure the mortgage is paid off at the end of those 20 years.

Why are more companies coming out with this? Easy money! Paying a mortgage off early is an emotional decision, not a very good financial decision. I wonder how many of these customers have been laid off and don't have emergency funds to live on because their equity is tied up in their house. Worse yet, how many of these customers had their HELOC frozen or reduced.

Do they work? Of course, as long as you have positive cash flow. This means that you have cash left over every month after paying your expenses and are accumulating this money in your checking account or savings account. But, if you have positive cash flow, you don't need a program or HELOC to pay down your mortgage, just send this money in every month. And do-it-yourself works better than any system on the market.

What makes systems like this more appealing is the "interest cancellation" or "mortgage balance reduction" you might hear about. Because the HELOC is your only loan, you can put all your savings into the loan, reducing your balance by much more than you could with MMA.

The biggest drawback? The adjustable rate and the index used. Unless it has a reasonable cap and slow-moving index, it does not make sense to someone who is not dedicated to lowering their mortgage balance. I believe CMG has a 5 point cap and uses the 1-year LIBOR as an index.

In the end, you are gambling.



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  #3  
Old 12-08-2008, 11:47 PM
accelreviews accelreviews is offline
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Re: Truth In Equity.com

So this company puts a spin on it and charges a consulting fee to align clients with a mortgage broker to provide them with a 1st trust deed HELOC. You can see the FOX Business News Video and a review of the company and product here Truth In Equity

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  #4  
Old 12-09-2008, 04:16 AM
JimmyDaGeek JimmyDaGeek is offline
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Re: Truth In Equity.com

The TruthInEquity video is misleading. The finance professor merely states that you will pay your mortgage off sooner. He doesn't say what scenarios he tested nor did he say it will save you money when compared to doing it yourself.

Every system that you have to pay for immediately puts you behind because of the fee and its total cost in the long run. If you have to use a HELOC as a second mortgage, you will pay extra interest, costing you even more money.



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  #5  
Old 01-09-2009, 08:29 AM
vagrowr vagrowr is offline
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Re: Truth In Equity.com

orginally posted by Jimmydageek:
"Do they work? Of course, as long as you have positive cash flow. This means that you have cash left over every month after paying your expenses and are accumulating this money in your checking account or savings account. But, if you have positive cash flow, you don't need a program or HELOC to pay down your mortgage, just send this money in every month. And do-it-yourself works better than any system on the market."


If you send your money in every month, you don't realize the benefit until the note is completely paid off. So if you double up on a 30 yr note, you don't see the rewards of that for 15 yrs. No thanks.


Last edited by vagrowr : 01-09-2009 at 08:32 AM. Reason: didn't put in the quote
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  #6  
Old 09-26-2009, 10:41 AM
Not a scam Not a scam is offline
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Re: Truth In Equity.com

This is may seem lengthy but well worth the read. I would like to dispel everyone’s concerns about Truth in Equity. As a current customer, I can speak from my experience; this company is NOT a scam. They will not ask for any money for service unless they first deem you a good candidate for this program. They perform hours of analysis and estimate every worse scenario imaginable before allowing you to move forward and implement the program. They estimate a worse case scenario rate increase, income loss, 5% per year increase of your home owner’s insurance and real estate taxes. If all of these worse case scenarios do not give good results then they will not let into the program. They certainly do their home work.

Warning! Only Truth in Equity has the knowledge and experience to help you get the right loan for this program. The same person who I quote below also said this, “And do-it-yourself works better than any system on the market.” The trouble with this is that if you don’t do this right then you could end up costing yourself a bunch more money than if you would have just paid Truth in Equity the first time. Unfortunately, I’m speaking from experience. I had the presentation with one of their consultants and felt I could do this on my own. What I found out was that I had no clue what I was talking about when trying to work with these banks. I would try to explain what I was trying to do and they would look at me like I was a Martian. Finally, I thought I had this all figured out. I found a bank that was offering a HELOC at a low rate, so I went through the application and closed on what I thought was the right loan. Once I started trying to implement the program on my own, I realized there were too many restrictions on my HELOC. It wasn’t working the way I expected it to. I remembered where I was supposed to be with Truth in Equity after a few months and I was no where near their projections. With my tail between my legs I went back to Truth in Equity for help. I realized I really did need the education they were offering and spent the well worth it consulting fee they were charging me. They reviewed the HELOC I had gotten on my own and told me that is was not a good match for their program. Like I found out the hard way, they said it was too restrictive. They helped me get the right HELOC and man what a difference. Now I am on track. I send them my monthly HELOC statements and they give me a monthly progress report and are available any time I have a questions. This is extremely valuable especially for something like this. You don’t really want to take a chance with your finances. To me “do-it-yourself” is more of a gamble than hiring a professional to guarantee success.

As far as the program, it really works. It is the best thing that has ever happened to me and my family. We have freedom from the conventional banking methods and are able finance our own vehicle loans and college loans for our kids by utilizing our HELOC. I noticed someone wrote, “I wonder how many of these customers have been laid off and don't have emergency funds to live on because their equity is tied up in their house.” In actuality, if I was to lose my job or income, I have a much better chance of getting through hard times because I have access to my money at any time by simply drawing it out of the HELOC. Also, I’m only required to pay the interest on the loan, anything extra is just that, extra. If I am only able to make the interest payment for a few months, then I am still fine. The crazy thing is that my payment to the bank now is way less half of what it was when I had a conventional mortgage. My previous PITI payment was $2,412, now at only 3.50% interest my payment is only $780. Tell me this wouldn’t make your life easier if you lost your job for a few months? Also, I can draw money out of my equity line any time to supplement my income and pay my bills. Can anyone do this with a conventional mortgage? Nope. This program is pure freedom.

My results even under worse scenario are incredible. Together with the consultant we estimated the expense for my kids to go through college and I will need to buy a car eventually so they estimated that expense as well. Even with a worse case rate increase I will still be able to pay everything off in 10 years. No lie. You see the thing is that each year my balance is less, so even when the rate increases I’m still paying less interest. What a concept! You wonder why the banks don’t offer this, it’s because they would lose a bunch of money.

I have recommended this program to my family and friends. According to my experience and my family, the process goes like this…

First, you have to complete a form with all your income and expense information. This is how they do their homework. Then, they call you for an online meeting to verify all your information. By the end of the meeting they offer you results or tell you the program won’t work then you go from there. Some of my family told me they did not have good results for one reason or another, but Truth in Equity was upfront and honest about this. What a company, they really do look out for people and will turn you down if it won’t work.

I am open to receiving emails (notascam411@gmail.com) regarding this and I am willing to even to provide proof if possible without revealing my identity. I haven’t figured out how to do this yet, but if I get enough responses I will put more effort into finding a way. I am very happy with this program and would love to see more people take advantage of it. I try to imagine everyone with a mortgage set up this way, what a different world we would be in. The banks would not have any more control over us and we would be free to make our own financial decisions, finally!


Last edited by Not a scam : 09-26-2009 at 11:43 AM.
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  #7  
Old 10-14-2010, 05:36 AM
seek the truth seek the truth is offline
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Re: Truth In Equity.com

Ask yourself, if Truth in Equity and what they are helping people do is a scam then wouldnt you be able to find one of their thousands of clients making a complaint somewhere on the internet?

If the programs they are helping families across the Country with were not effective then I would think that they would not be continually mentioned on networks like Fox News, The View, Neil Cavuto, Fox Business News and more.

You would also most likely not hear them talked about frequently by financial experts such as Jordan Goodman, Janet Parshall, Mike Rosen and many more.

Truth in Equity has built their reputation on the success of their clients. They hide nothing and provide references.

If you are seeking the truth find someone qualified to give you the answer before making your decision.

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  #8  
Old 10-22-2010, 10:24 AM
islander007us islander007us is offline
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Re: Truth In Equity.com

Hmm...get into debt to payoff debt...what an oxymoron...

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  #9  
Old 10-22-2010, 10:28 AM
islander007us islander007us is offline
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Re: Truth In Equity.com

These two previous postings sound like a promotional add for the truthinequity.com...sure you guys don't work for this people????

Also...who believes anything Fox News says anymore??? For all I know most of their material is spinned or getting paid-for by a promoter of some kind.

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  #10  
Old 10-22-2010, 10:36 AM
islander007us islander007us is offline
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Re: Truth In Equity.com

There is only one TRUE way of getting out of debt...pay it off...work a lot, to get paid alot, to payoff aggressively...reduce spending and attack your balances with a vengance...this is simple math...

All these elaborate strategies...specially those that require assuming more debt...only add risk...If don't want the rist of not being able to pay when the income is not there, then don't assume more debt...

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  #11  
Old 04-26-2011, 07:20 PM
plzthinkthinkthink plzthinkthinkthink is offline
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Re: Truth In Equity.com

I reviewed the TIE program and created my own excel spreadsheet to compute the information provided. I was quite the skeptic. I was paying extra every month to pay off my regular mortgage. I was saving on the long term interest I would pay the bank, right? Unfortunately the interest on that is paid upfront. It also didn't allow for the equity access Everyone could use when something like college comes around. After doing the math the HELOC made sense. requiring an interest only payment left breathing room. HELOCs don't have upfront interest. It's like a r*****ing credit card. You only pay on what you owe. Paying all of our excess income to the HELOC to reduce that interest due was so logical, I wish I had thought of it. Instead of keeping the money for the car insurance payment in a checking account waiting for 6 months, pay it to the HELOC to reduce the interest and balance until it's needed. Same for other stuff. Now if a financial blow hits, there's a buffer. I'm following the program to make sure it's paid off asap but college, cars, repairs etc. are financed by me at 4% not my credit card at 18%. The financial advisor was very tolerant of my challenges in the beginning until I finally caught on.
You get what you pay for. I paid for someone who retrained my thinking on how to balance my finances and got me off the pre-programmed mortgage/credit card hamster wheel.

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  #12  
Old 07-06-2011, 05:53 AM
missdod missdod is offline
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Re: Truth In Equity.com

I have been looking at all the Mortgage Accelerators, MMA , Uff Wexl etc... for a couple of years now. Did you know Wexl is no longer in business? Go figure....All of these programs do require extra $$ to apply toward your debt/mortgage on a monthly basis. If you do not have extra $ the scenario will not work. The same exact goal can be achieved by going to the free download Excel site.
You can also use the debt pay down calculator on bankrate.com. I input both and do my comparison of each. Just an FYI

http://www.vertex42.com/Calculators/...alculator.html

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  #13  
Old 07-21-2011, 02:56 AM
Not a scam Not a scam is offline
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Re: Truth In Equity.com

I thought I would give an update of my progress and the Truth in Equity program. Wow, what a difference this had made in my life. My kids are now in college and I didn't have to take out any other loans with more interest and payments. Plus, since our car broke down last year, we used the HELOC for that too. TIE already factored in these expenses in the beginning so we are still on track to pay off within 7-8 years. Can you believe it? Mortgage, college and vehicles all paid for in less than 10 years AND if choose to invest or buy another property I also have a liquid account worth $200,000? I know it sounds crazy, but if I weren't doing it and living it, then I wouldn't believe it either. I still get funny looks when I tell people what I'm doing.

Please remember to speak with TIE first before doing anything. They take all the risk out of this transition. They factor in interest rate increases, pay cuts, and any other worse case scenario you might be facing. If it won't work, then they give you free advice on how to reach a point that it will work. Not only am I happy, but my family is greatful as well. Several of them are in the program and doing well and others that didn't qualify are working on getting there too.

Good luck!


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