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You owe me $3500... Pay up.

So, again, someone is TRYING to pick a fight about whether or not 'Mortgage Accelerator' programs are worth a penny, let alone $3500. I just wish that people would get off of the 'well, they make it sound so complicated- I must NEED the software' track and take a step back and THINK about what the whole concept is based on- ADDING MONEY TO YOUR MORTGAGE PAYMENTS!

This is what I wrote in response to this particular character, and I am re-posting so this topic gets more attention.

Let's see here....

$118,000 30 year fixed at 6%= 707/month.

Let's say your sister grosses monthly income of $2000

Subtract 707 for the mortgage, plus another heap for regular living expenses- heat, water, cable etc...

That leaves a nice cozy $593 (In my calculations, phew... glad I had a calculator handy- THAT WAS HARD!!!)

NOW:

ADD that $593 to the monthly mortgage payment, and voila! Instead of paying off the mortgage in 30 years time, you pay it off in JUST 10!!!! Wow! Who knew paying off a mortgage could be so much fun!

Tell your sister to give back her software and pay a $3500 contribution to the charity of her choice instead. THAT'S money well spent.

Please, if you know ANYONE who is either being bombarded with sales calls to PURCHASE the product, or if you are a mortgage pro, real estate agent etc... that is being asked to SELL this product, come back here and read this blog again. Don't do it!

Posted by Jennifer Monastero on 05/23/2008 01:26 PM

Comments (54)

mortgage accelerator, scams, mma, mortgage payoff, early payoff, extra prinicipal payments

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54 Comments on You owe me $3500... Pay up.

MAY

2008

Hi Jennifer,

Thanks for the heads up, I get asked about this all the time from my clients.

I have had a couple people trying to sell it to me so that I can sell it to others. What they are also not teling you is that in addition to the $3500 software you also have to get a HELOC and a lot of banks are cutting back on them. My advice "Take the $3500 that you would spend on the software and apply it to your mortgage". It will get paid off faster. After all, $3500 is probably a couple years woth of principle since the first few years most of your payments are interest.

Jon- tell them their mortgage advisor can show them how to do it. Really, it's that simple.

Linda- I mentioned that to this guy as well- EVERYONE is freezing lines of credit, and this 'system' is dependent on one. Right now, that makes it an even riskier proposition. On my example loan of $118,000, that $3500 would knock 2.5 years off the mortgage- and you wouldn't have to do anythng else! :)

MAY

2008

Jennifer, I have not had the oppurtunity to read your blogs before. I have in the pst been hounded by people to sell this product for them or to give up my client database, which I refused both.

Danny- thanks for the comment. Stick to your guns here! The people pushing this product are nothing but scam artists looking to get rich by preying on people's 'quick fix' mentality. Paying a mortgage off early IS a commitment, and one that does not have anything to do with a software program! :)

Jennifer, I have been in the finance game way to long to fall prey to that. I have subscribed to your blog, so you will be seeing more of me.

MAY

2008

I've seen WAY too many Realtors and Loan Officers get involved in these things out of desperation.

I love the charity idea...have you ever been to kiva.org? Microlending. Really cool.

MAY

2008

Joe? Where's Rick????

You CAN pay your mortgage off FAST... in fact, you could pay a mortgage off in as little as 3 days... BUT- you can do it without this fraudulent scam of a program.

I am reporting your comment as spam, and taking it off of my blog. If you'd care to discuss the scam based on it's merits, rather than what some scam-loving mortgage broker did, by all means I welcome your arguments.

Please explain, for me and the great people reading this WHY they need a software program to tell them a common sense way to do something? Just ONE reason that someone can't do this on their own would suffice. Just one. I'll be waiting.

Right on Joe. I think I see your point here(smile). Thanks for the info.

RJ- Do yourself a favor then, and sign up to sell the product. I am sure they will take you on (they take everyone, as long as you pay the fee) and you will do quite well taking advantage of people.

There was no point to Joe's (Rick's) post- it was spam. If you could find one nugget of worthwile information, I will gladly take a look at it. But, much like Nessie, it does not exist.

MAY

2008

If I had $3500 for every time I showed a client how to pay off their mortgage early I would not be in the mortgage business any longer. I would be filthy rich.

DEC

Hello Jennifer,

I have been a realtor for 3 years and then a loan officer with bank of america for the last 6 years. When i heard commercials like pay off the mortgage in 7 years, i thought these people are trying to scam my customers. I found out they were not. I decided to left bank of america and join United First Financial. You are talking about paying $593.00 extra each month. Most people dont have that much money left each month. United First financial has added some more options. A borrower can pay the $3500 upfront, or pay $2000.00 and pay the rest in installments or pay $250.00 upfront and pay the rest in monthly installments. I can do a financial analysis which will show you that if you have extra one to one hundred dollar each month, the money merge account will work for you. you will not only pay off the mortgage but all other debts and the $3500 fee in a fraction of time.

Why the banks, lenders and mortgage brokers charges fees for refinancing and we dont call them scams. except a home equity loan you are paying fees for refinacing.

When you have a loan for 200,000 with 6% interest rate, you pay $1199 a month and for 30 years , you pay $431,640. i did two calculations with this. I went to a calculator in google and said borrowers is paying 34.72 a month more each month ($25.00 more each month extra and $3500 fee = $12,500 or $34.72 a month for 360 months) . paying extra $34.72 will save you 2 years 2 months or $20,203.71 and following United first Financial program MMA with same scenario you will pay off the mortgage saving 8.1 year with a toal saving of $64,829.89.

I would be happy to discuss this further

Linda, with the new system your borrower does not need a home equity loan. As long as they have a checking and saving account and they are able to pay the fee (minimum $250 in fee upfront) and they have a minimum of $1.00 left after they pay all their expenses, they will be able to save money.

Rafeeq- with all due respect- you make no sense. If you pay the same amount (your scenario A and B), you pay off the loan in THE SAME TIME. There is no way around that. Are you sure you were a loan officer? Nothing in your comment suggests that a person needs to spend $3500 to accomplish paying off their loan early.

Jennifer,

I thank you for your comment. I joined bank of america in september 2002 and i have won their platinum club for 2005 and 2006. i used to average 18 loans a month. most of my clients were low to moderate income borrowers.

if you want to call me or if you want me to email a analysis i will do that.

here is what is did in my example.

25 dollars for 360 months come to $9000.00. and the u1st fee of $3500 and if you add them it comes to $12500 and when i divide by 360 months , it comes to 34.72 a month. so i went to a calculator in google and i use the example of paying 34.72 extra on a 200,000 loan with a 6% interest rate for 30 years (360 months). the calculator came up with a saving of 2 year 2 months and 20,203.

i did the same example with money merge account. i said borrower have $25.00 left after paying all their bills and i had the borrower pay off $250 of fee upfront and the remaining $3250 (mma fee $3500 total fee) in monthly insatallments.

so the borrower is only paying $250 upfront and his mortgage and the u1st first fee is paid off saving him 8.1 year and a total saving of 64,829

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Jennifer,

Eric Seestedt was my manger at bank of america. I dont know what he will say about me since i left bank of america , but he will confirm that i was a loan officer and that i won platinum club twice.

Are you suggesting that a person who pays $34/month shaves off two years of their mortgage on their own, but EIGHT years when they pay that same amount through their MMA account??? You are not accurately depicting how it works. Please try again.

Jennifer,

Yes, exactly. I went to a calculator thru google. i put down that a person has a 200,000 mortgage and he will be paying 34.72 a month in extra payment and that his interest rate is 6% on a 30 year mortgage. you can go to google and you will see that in this situation the borrower will save 2.2 years or 20,203.

i want to give you a break down of how i came up with 34.72 towards extra payment.

U1st financial cost 3500.00 and let us assume the borrower is putting $25 a month extra towards principal. $25.00 for 360 months comes to $9000, so the total 9000+3500 is 12500. And if you divide 12500 for 360 months it comes to 34.72.

So with United First Financial MMA the same $34.72 extra payment will save our borrower 8.1 year or $64,829. my email is rafeeq@rafeeqahmed.com . please email me your email address so i can forward you the MMA analysis.

The concept orignated in Australia and people in England has also been following this concept. In USA. Mortgage and investor magzines are praising United first financial. Ernest and young gave the founders enterpreuner of the year award. Here are some links

http://www.u1stfinancial.com/MPMJanFeb2008.pdf

http://www.u1stfinancial.com/PREI%20MA-08.pdf

http://www.u1stfinancial.com/newsstory2.html

All of us can save the country from becoming a forclosure nation. People can own their home free and clear in a few years than 30 years. what if they pay $3500.00 to save over 100,000. and from the 3500.00 so many agents earn their livelihood.

Once you are convinced will you join United first financial ?

I love the 'cut and paste', but really, let's be honest for ONE second here- you cannot PAY down a debt faster by paying the SAME amount. If you are honestly saying that borrower A pays $100 extra every month outside of this program, they will save X. BUT, borrower B pays the SAME AMOUNT through a mangled mathematical calculator and somehow they pay it off faster and save XX amount? That defies common sense.

I would not sell this product to my mother, therefore, I would never join the U1st cult.

it does not defies common sense. you can go to mcdonald and buy a sandwich for a dollar or you can go to an expensive restaurant pay 100 for a chicken sandwich. Banks make money by using our money. United first uses the concept of stagnant money and educate a person to use the same concept. when a borrower gets his pay check he keeps that money in a checking account and that money just sits there and does nothng. United 1st financial educates a person in using this stagnant money to their own advantage. Instead of bank making money , an individual is saving money using the time value of money and the concept of stagnant money. The customer does not have to be highy educated to understand the system. They are paying a fee and the U1st fiancial guarntees the saving. i cut and paste so it becomes easy for you to understand.

Rafeeq- what happens to the money in the account? Do they not pay their bills out of it, and then apply the remainder to the mortgage? Is that not the gist of the operation? Call me crazy, but they don't need any crazy mathematical formula to do that, and you did not answer the question- "If you are honestly saying that borrower A pays $100 extra every month outside of this program, they will save X amount amount. BUT, borrower B pays the SAME AMOUNT through a mangled mathematical calculator and somehow they pay it off faster and save XX amount?"

Is that what you are suggesting to the people reading this? That somehow $100 out of an MMA account is worth more than $100 out of their own account?

If you are honestly saying that borrower A pays $100 extra every month outside of this program, they will save X amount amount. BUT, borrower B pays the SAME AMOUNT through a mangled mathematical calculator and somehow they pay it off faster and save XX amount?"

YES, POSITIVELY Yes.

That is the power of MMA software that is making me and so many customers including realtors, loan officers, lawyers, financial planners passionate about this program. Wont you feel passionate if it realy works the way i am describing. when i first hear about this program, i was so upset that some one is trying to cheat my customers. When my realtor , who is my good friend and who i trust and who sold me a home 15 years ago told me about this program, only then i looked at how this system works and beame a beleiver and an agent.

It is like a financial GPS system which tells a borrower how to pay their mortgage and other debts. Borrower pays all the bills on time. the borrower money is kept at a borrowers choice bank. United first does not touches borrowers money . The MMA software directs the borrower how to manage their accounts and in turn borrower saves a lot of interest. NOT because of magic but because of simple math and the concept of stagnant money and the concept of time value of money

We'll let consumers decide. We can only present facts on both sides, after all. They can be the judge of what makes sense, and what sounds 'off'.

Good luck in your endeavors, Rafeeq. Instead of offering information based on personal experience, all I hear is canned 'Spam' that you lift off the U1st website.

Again, anyone who is interested in hearing how to pay off your mortgage in less time, contact me and I'll tell you for free.

"That is the power of MMA software that is making me and so many customers including realtors, loan officers, lawyers, financial planners passionate about this program."- no, what's making you all 'passionate' is lack of legimate business, as well as visions of making heaps and gobs of money. If it was about the 'program', you'd know the ins and outs and be able to offer it ON YOUR OWN, for much, much less. Of course, that is only my opinion.

Stick to the merits, no spam please- it will be deleted again. Let the consumers reading this decide. Thanks for drudging up a 6 month old blog, keeping it active helps get the facts out there.

i am not a mathematician/programmer . i can not create this program. i will invite customers to blog and presaent more information. it was good blogging with you. I am new to all this and it was a great experince.

Thank you so much and have a merry christmas and prosperus new year

Jennifer - what a way to stick to your guns! I'll say right off the bat that I am mathematically challenged, and can't really do anything complex without a calculator, but I can't imagine this here fab sounding software being able to make me "manage" my money with the exactitude of guaranteeing that my load gets paid of in eactly 22 years vs 30. Sorry, but common sense and logic tells me that it's all about the money, and unless this MMA monster makes my gree pieces of paper fertile so they are multiplying like rabbits on crack, it's a no go.

On another note, Rafeeq, it's in really shitty taste to jump on somone's blog and attempt to highjack it for the purpose of increasing your business. It's a big no-no here, and us loyal ARs don't like it very much, which means you have come here and made an ass of yourself, and have no credibility left. In social networks credibility is all you got. I mean this in a friendly sort of way, since as you said you are new to this whole thing. My recommendation to you would be to utilize your own blog to post about your business, such as it is.

I am off to wash my hands.

Inna

I appreciate your opinion and comments. Does not blog means you give your opinions. People are saving thousands of dollars. if you have an objection. great. that is how democracy works.

If you feel great by not saving thousands of dollars, it is upto you.

Again i am trying to understand what you mean by jumping on another person blog. i dont think you mean the person who write the blog is the only person to do the blog. Blogger needs participation. Otherwise it will be like a monologue.

I will do everything possible to save thousands of dollars and save home owners from owning their homes. words like sh--ty and a-- shows your taste.

Ok, I'll play.

What I meant, Rafeeq, was that if you would like to discuss the benefits of something you are currently selling it would be only fitting if you did so on your own blog. There reasons for this are as follows:

We, bloggers, work really hard to gain credibility, points, subscribers etc. Those people come to our blogs to read what we have to say because we have earned their respect. We talk, they comment, life goes on.

Every now and then some schmuck jumps on someone else's blog, usually someone with a good standing in the community (i.e. current blog you are pitching on) and starts pushing their products or services under some guise or another.

It's a lousy thing to do. You are not engaging in a conversation, Rafeeq, you are ptching. I am a journalist by trade and now own an ad agency, so I do KNOW the difference between the two.

You have 1297 points under your Active Rain belt, and one blog post that amounts to a 100 words of a sales pitch with no comments. That means you are here trying to STEAL Jennifer's audience, which makes you an a-hole.

Hope this helps clarify things a bit.

All my best, and if you would like actual help on blogging and gaining points, subscribers etc, by all means, we'll all help you.

Thanks.

I will take all the help i could.

The system works. Help me understand what else i need to do with regard to blogging and spreading the message that Money merge account works, It saves thousands of dollars and help a lot of people (not one or two agents) earn their livelihood. the person who is a customer can become an agent and help others saving thousands.

Again I dont mean to insult anyone but learning to blog. thanks

Again, no substance to what you are saying, Rafeeq. Only what you have been brainwashed to say. Inna is correct in that you chose to hijack a few blogs to spread your misinformation- and I almost deleted your posts right from the start. However, I think what you have to say is of a certain value to consumers who are thinking about signing up for this 'program'. I think that it's probably a different value than what you had hoped for, but all the same- you ARE saving people thousands. $3500 to be exact! Because anyone who reads my blog, ain't buyin'!

Inna- thanks, and has there been an uptick on these boards with SPAM? Desperate times call for desperate measures.

You need to a) learn to write, so that your comments and posts sound intelligent, and b) utilize the space Active Rain is giving you, free of charge, to craft blogs on whatever subject you choose, even your pyramid scheme mortgage thingie.

Those two should suffice. If you prefer spamming and highjacking, there is Craig's list or other means better suited to people accustomed to doing busienss the way you do. I said everything I wanted to and needed to at this point, and would highly recommend that you take this advise to heart.

DEC

Sounds like ill prepared MLM at it's finest. Basic math would give you the same result.

Thank you! Rafeeq is trying to suggest that $100 from Joe the Homeowner is worth LESS than $100 from Joe the MMA-account holder. I bet Rafeeq thinks a pound of bricks weighs more than a pound of feathers as well.

This program is overpriced nonsense, and according to his own admission, Rafeeq is not a mathematician and does not understand how it works. If you don't understand how it works, how can you SELL it??? By repeating what you hear in re-education classes of course!

Jennifer , Good morning. you are mis quoting me. i said

i am not a mathematician/programmer . i can not create this program. I know how the system works.

Over price,

Definetley not. the comapny charges a fee of 3500.00 and they provide customer service for life, they save 10 to 20 times of the fee paid. Guarnteed.

when a loan officer or realtor sells he/she does not provide customer service for life

Jennifer: Why in heaven's name do you suppose New York's Ernst & Young (surely you've heard of them --yeah, you got it, the world's THIRD largest accounting firm) why would they have named United First Financial the best entrepreneurial business in their region of the country for the year 2008? Do you think just maybe this firm scrutinized United First Financial --and a whole lot of others --before making such a prestigious award

Hey Jennifer -- How come the $100.00 I put in my checking account this afternoon is only worth $100.00 for me tomorrow morning, but worth more than $100.00 to the bank? From your own words in this blog, Jenn, that defies logic!

What idea do you like better? Getting yourself debt-free OR the excitement of running this blog? I'm going to be debt-free in a fraction of time

Ernst and Young- again, you all say the SAME EXACT THINGS. It's incredible. E+Y thinks highly of the BUSINESS. NOT THE PRODUCT. WHo wouldn't think highly of a company that has little to no overhead, and makes a product it could sell for $19.95, yet charges $3500!? Who wouldn't think that was the greatest business model ever?

Also, you have not said a WORD about how it actually works. Do you even realize that? How long have you been selling this product? You mention 'guaranteed' savings- there is NO guarantee that a client of yours will even stick with the program, let alone earn their $3500 back.

Why did you leave Bank of America again????? Bad move.

will you work for $20.00 ? i dont think so

my customers will save more than 3500 (their fee) in the very first few months, not years. i gave you examples and i can prove the results. Guarnteed. Period

rafeeq- that's IF they stick to it. and you cannot guarantee that. Also, what you fail to understand, is that the concept is NOT rocket science. All the people are doing is applying their leftover funds each month to their mortgage. Their is no magic, there is so need for a complex software program. THERE IS NO NEED period. If you understood how it works, you would surely understand that.

I challenge you, I'm sure you don't mind.

Let's use the following scenario-

$300,000 mortgage amount, brand new- 360 payments left to go.

$800 a month is what this young couple has leftover in their account after all expenses are paid. What would your company tell them to do? and how much faster will they pay off their mortgage? You do your math first, and then we'll compare.

If you discover that there is no benefit to the program you are pitching, will you stop?

Jennifer, if the system does not benefit a customer i will tell them exactly. I am not here to cheat customers and i want referral business from my customers. Here is the the example you ask me to do

this couple if they have 800.00 left over each month, i will give them the following facts. if you do it on your own, your saving is 198,954 and if you do this with mma software your saving is 201,095. the difference is 2141.00 but if we calculate the mma fee of 3500.00 , the money merge account is not good for them.

2nd example i used the same couple have only 200.00 left over and savings is 99872 with mma and 91173 on their own. the difference 8699 and we calculate the fee, the benefit is 5199.00.

i will give them the above facts and let them decide what they want to do. Please understand one thing, most people say i will pay more each month, but they dont do it. If some one is discipline, they might be better off doing it on their own in the above example.

I will not pitch this program to customer who will not get a benefit from this. Is that fair

Jennifer, also understand, customers will have other debts, credit cards, car loans> MMA systems monitors and advise what is the best way to pay all these debts.

Jennifer,

I saw that sheet they are so proud about. Send this amount there today. Send another $200 there in two days.

What a freaking BS.

What surprised me most was that mortgage brokers are falling for that. Is it a test whom to avoid? LOL)

DEC

Jon- desperate times call for desperate measures. Those without LEGITIMATE referral-based business right now are precisely that! DESPERATE. Unbelievable!

Jennifer,

just use adjectives when you dont and cannot understand. I fee sorry for your friends. they are saving 3500 but their homes are getting forclosed

Rafeeq- please explain to all of us how someone who is in danger of foreclosure, or even losing their home, could possibly benefit from this program. Typical scare tactics- you are preying on people's fears about the current state of the market. I understand the product better than you do! You admitted yourself that you have no idea how it works! Amazing!

Keep trying to convince us Rafeeq- you are doing SMART consumers a great service by showing the true colors and motivations behind people who sell this garbage program.

Jennifer- you are not interested in understanding. You are misquoting me again that i dont understand the system. This is not talk. smart people are following this program in Australia, England, Canada and here in USA and savings thousands while your customers save $3500.00.

Have them keep that $3500 in some banks where they can may earn pennies while thier banks make thousands.

Tell me that Banks does not make money from borrowers deposit !

DEC

Wrong, rafeeq. My clients SAVE $3500 , and I show them how to save THOUSANDS more for free. They are WAY ahead of the game, look at what YOU wrote above! In your OWN WORDS, someone who has $800 month left over after their regular bills would not REMOTELY benefit from this program. In your second scenario, the savings would be about $5000! And that's if they stick with the program through the years, and what are the odds of it working out perfectly??? Not very good! You are wasting your time here, and only making yourself look foolish.

Just the fact that you throw out the idea that somehow this program will save people from foreclosure makes you little more than a scam artist. You may be able to sleep well knowing that you are selling a worthless product to people who may or may not even use it, but to still sleep well knowing you are spreading misinformation???? You must have gotten a lot of practice during your days as an originator. YOU don't want to understand, all you care about is 'making money'. Well, I hope no one falls for your tactics.

This is a worthless program, and deep down I hope you realize that and stop making these outrageous claims.

Jennifer, people are smart. They will read the whole blog and see that you are picking points which suits you. Only a few people have 800 extra. you will not talk about the example i mention about a person spending 35 dollar and saving 8 years.

open YOUR EYES AND LOOK AROUND YOU. YOU WILL SEE BANKS AT EVERY CORNER MAKING MONEY FROM US. Money Merge Account educates you to be the bank.

The founders of this program started this product as their parents home were forclosed. We are making it happen. we are making home owners pay off their mortgage in a fraction of time.

Rafeeq- and what happens if your client loses their job, and cannot afford to pay off the mortgage on the same schedule? You cannot guarantee anything, so to pretend it is a 'magic pill' that means someone can pay off their mortgage in 5 years WITHOUT WORKING VERY HARD is misleading at best, and a flat out lie at it's worst. What are you not understanding?

All the 'founders' of the program are doing is ripping people off- including you! You were duped into believing this was a great way to 'earn' a living. You have to buy into it, you put money on the line yourself. You want to believe that this is a great program. It is not. It is common sense, and it is NOT something anyone can guarantee the results of. It should be sold by Billy Mays for $19.95!

Good day to you. Go hijack someone else's blog.

Good point, The borrower will have more equity in 5 years. That is what i am promoting. Own your home free and clear. I am glad you got the idea. A customer will have less presure after 5 years as he may only have 2 or 3 years left and he can get a lower paying job and own his home with in a few year. Or he can sell his home and will get more as he has more in equity.

I am hoping you will understand the system as neither me nor you are trying to cheat. we have a different opinion. I guess you agree the system works but you may not agree about the fee.

Please try to undersand how banks make money. people deposit and they use other people money to make money for themselves. And when banks make money they hire people. Like you to make more moneny in the mortgage business and more profits for bank .

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