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  1. #33
    Join Date
    Jul 2009
    Posts
    2

    Re: Mortgage Accelerator Plus

    I think UFF is the better choice IMO. If you want to email me, I can tell you more about the premise of how to make it work. It will all depend on your spending habits or lack of. You must make more money than you are spending for either program to work.

  2. #34

    Re: Mortgage Accelerator Plus

    Quote Originally Posted by jomona View Post
    I think UFF is the better choice IMO. If you want to email me, I can tell you more about the premise of how to make it work. It will all depend on your spending habits or lack of. You must make more money than you are spending for either program to work.
    UFF is like all the others...a terrible choice. Lots of hype for a product that merely increases how much you pay to your mortgage each month, though they will deny it. At least this one admits you need to make more money than you spend....why, so you can send it to your mortgage. Or you could not pay $3500 for their software, and send the money to your mortgage yourself.

    Why must someone pay $3500 to make a bigger payment when they can already do it for free? So the UFF agent and UFF can get your $3500, that's why.

    Save your money and tell the UFF to stick it.

  3. #35
    Join Date
    Oct 2007
    Location
    Baltimore, MD
    Posts
    96

    Re: Mortgage Accelerator Plus

    Quote Originally Posted by spaarky View Post
    The strategy using the heloc is about eliminating debt and cancelling compound interest.
    As soon as you start talking about compound interest, I know that you don't know what you are talking about. Mortgages do not use compound interest. Mortgages calculate simple interest every month and make you pay it monthly. Compound interest is something the bank gives you on your savings account to make your returns slightly better.

    I do not want to debate with you or run numbers. I just wanted to comment to Charliefoxtrot that these ideas are not scams. They do work.
    Why not??
    All these programs claim their magical rocket-scientist is so complicated that mere mortals can't do it as well. They're talking about numbers. So should you.

    If you can invest and make more money doing it, then go for it. But just because you have something that works better for you, doesn't mean that everyone else's ideas are a scam.
    We're not talking about ideas here. We're not debating whether paying of your mortgage off is better than investing. We're talking about spending money that you don't need to. MMA is an electronic babysitter telling people to do what they can already do on their own - pay extra principal on their mortgage. By paying $3500, a homeowner will not make up this cost with the supposed extra savings that MMA claims over doing it yourself.

  4. #36
    Join Date
    Apr 2010
    Posts
    2

    Re: Mortgage Accelerator Plus

    Its definitely a red flag now. Their website has actually been taken down and it as just as well you raised the query. Remember in mortgages, if it seems too good to be true, it usually is!

  5. #37

    Re: Mortgage Accelerator Plus

    Just to let everyone know out there, we were taken by this CMG Home Ownership Accelerator Loan when we refinanced our home in 2006.

    Our home appraised at $560,000 in 2006. Our "HELOC" was originated at $448,000 as a limit.

    We borrowed $380,000 (what we owed on the 1st/2nd mortgages at the time) and rolled them into this CMG HOA Loan. So, we started off owing $380,000 and we could borrow up to $448,000 if need be.

    We never borrowed against the loan, and according to the "accelerated payoff principle" we deposited all of our income into the account to pay off the loan faster. In 2009, we received a letter from the mortgage holder that an AVM (automated valuation method) was used to determine that our "HELOC" didn't support $448,000 any more. It only supported $330,000. Well, we had paid the loan DOWN from $380,000 to $325,000 and now we could not access the $55,000 in funds we were saving for a "rainy day".

    The letter stated the $55,000 was taken as payment received on the loan. We had NO RECOURSE or any help from anyone to get the HELOC limit moved back up to access our saved money. We had lost $55,000 in one day. At this time, we had $5,000 to our names and couldn't afford to pay our outstanding debts if need be.

    So, does this sound like a good/great home loan to you?

    I wish we had NEVER heard of this loan. We are in financial strain to this day because of this loan.

    Now, this so called AVM used to determine our home value is a crock of crap and it was the bank's move to secure the HELOC amount and limit the borrowing power of those who had it. At the time of the letter, our home wasn't (and still isn't) worth $330,000 and probably will never be. Again, we played by the rules of the loan and got TAKEN (SCAM) out of all our savings we put into the loan.

  6. #38
    Join Date
    Mar 2008
    Posts
    239

    Re: Mortgage Accelerator Plus

    These scams will come and go. United First Financial, Mortgage Accelerator Plus, CMG, and others will come out with some new marketing hype, find a few suckers, and disappear. People want to think there is a magic pill solution to everything.

    Even the largest of these scam companies, United First Financial, is all but dead, having dropped their agent network and are now selling their "product" out of Market America, so you can get your mortgage advice and software from the same people who can sell you overpriced soaps. Though really, UFirst agents were never qualified to sell so much as soap in the first place.

  7. #39
    Join Date
    Aug 2007
    Posts
    9

    Re: Mortgage Accelerator Plus

    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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