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mma: MMA real or a confidence game? - 04/20/09 11:59 PM
I've always been impressed how certain people can get away at times with elaborate flim flams. The recent arrest of Bernie Maddof is one such demonstration of this type of fraud and those who are duped. Normally it requires a mark, or victim, who is manipulated by their greed, honesty or compassion. Often these schemes are elaborate and can be perpetuated by the innocent and masterminded by those thinking they are providing others some type of better existence. Meanwhile capitalizing in the beginning with massive profits, which later leave their unknowing victims in bankruptcy or foreclosure.
This scenario is relevant in … (5 comments)
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mma: Mortgage Merge Accounts....I still think they stink!! - 10/08/08 01:27 AM
I know some of you are going to be offended, but I'm really starting to get angry with some of these self righteous MMA posters. A post that I wrote more then a year ago is still getting anonymous posts from angry MMA acolytes who dislike the fact I call into question the efficacy of their program.
When the program began, they whole trick was to show home owners how to use their equity in a unique way to leverage down their debt in an eye popping short period of time. They made it sound easy...just get a HELOC (equity line), … (6 comments)
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mma: MACQUARIE MORTGAGES is no more, another reason to avoid MMA programs - 03/11/08 01:11 PM
Macquire Mortgages USA Inc has informed our company that they will discontinue accepting mortgage applications. This is the kiss of death to most company's. Not that this is much of a surprise, but this company is one of the pioneers of the mortgage merge craze. Macquire was the first US company to capitalize on using your mortgage and checking account as a lever to pay down your mortgage in a short period of time.
I'm not sure how many people actually believe me when I say this, but these programs are DANGEROUS in slow or declining markets!! I guess most people … (4 comments)
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mma: Home Equity Line of Credit holders beware! - 02/02/08 03:41 AM
I hate to say I told you so, but one of my new pet peeves are these mortgage acceleration programs. They go by snappy names like, MMA, or Mortgage Checking account. Never the less they are Home Equity Lines of Credit, and with falling market values the banks are beginning to shut them down.
Countrywide article
Why is this the wrong time to get an equity line? Because hidden within the closing paperwork is a clause that allows the bank to freeze or reduce available credit or equity. They are following through with enforcement of this clause as you have witnessed through my … (0 comments)
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mma: Mortgage Merge Accounts...Are they safe for consumers - 01/21/08 05:25 PM
I've been flamed by a number of well meaning United First Financial agents already, and I'm sure this post will generate another group of hate emails. But let's be honest folks, the long term affects of this new program are still far from being complete. The honest agent is going to point out that the program hasn't been in effect more then three years. Sure they've had a number of fantastic success stories, but the story's they never tell anyone about are now coming out of the wood-work.
I've been in the industry for over 10 years. I remember not long ago … (5 comments)
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mma: Case Study #2 MMA,Equity Harvesting vs HYBRID PLAN - 11/06/07 12:36 AM
In our last case, John and Jill Doe were meeting once again with their financial planner. They had recently looked over two plans that would help them maximize their asset's and prepare them for retirement. The MCA or Mortgage Merge Account had certain advantages that could actually put more money in their hands at retirement, but only if they sold their home. The Equity Harvesting Plan gave them a large nest egg and also saved them taxes over their lifetimes. But their financial planner had noticed some interesting characteristics in each plan that he thought that they could take advantage of … (0 comments)
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mma: Case Study #1 ....MMA vs Equity Harvesting - 11/06/07 12:20 AM
Finally I'm able to discuss one of my cases. I've have of course left out the names, so this particular borrower will go by our beloved name of John and Jane Doe. John lives in hypothetical Bacon, Alabama, and for kicks and giggles 30 years old. John and Jane talk to a mortgage planner and some guy in their neighborhood who told them about some really cool new product called the "Mortgage Checking Account", supposedly it pays down your mortgage in 9 years or less. John comes from the philosophy that you should make equity work for you, but his wife … (1 comments)
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mma: Why you want to use the MMA strategy and NEVER pay off your mortgage..... - 10/24/07 02:38 AM
Hopefully some of you read my headline carefully. Let me repeat it once again, "why you want to use the mortgage merge account strategy and NEVER pay off your mortgage". So what if the MMA? It's actually a program or software that was developed to accelerate the payoff of an amortized mortgage loan. Currently their are several companies nationwide that sell this product as software and distribute it through multi-level marketing or through direct agents. The software usually cost's anywhere from $2000-3500 dollars, and often one needs to acquire a HELOC, or what most call a home equity line of credit. … (2 comments)
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