Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
whew!!! thanks gregtraub. i went to one of their seminars here in orlando lastnight. every question someone raised was immediately answered, and we couldnt find a way to knock him off. the guy was good, knew what he was talking about, and answered everyone's questions. i think it might work. i'm just still a little iffy on how my truck and cc will get paid off, but other than that, i think i got a good grasp on it.
you can borrow from your ALOC if you need to, so i dont know that losing your home is a big of a risk as it seems.
I don't see it as a big risk either....unles your "ALOC" is is maxed to begin with, the available balance in the ALOC in essence becomes your savings account. So if you had no savings account and lots of equity, you now have access to your home piggy bank.
If you had a big savings account, you may as well put it toward your mortgage, and use the available balance on the ALOC for rainy days.
I guess you can think of your truck and CC's being paid off twice. The first time is when you take money out of your ALOC to pay off the current creditors. Once the balance is on the ALOC you then begin the process of paying off the ALOC like explained above.
Personally I would just open up the biggest HELOC I could now, and only transfer over any balance that has a higher interest rate than the HELOC is charging (prob the CC's and not the Car loans) and start practicing using the HELOC as your checking account. In the meantime put all your extra cash into paying down your car loan. Once your car is paid off, then I'd consider investing in the MMA program to take care of the rest. The program really is only useful once your HELOC balance gets relatively low. The whole concept is to save as much interest cost you can right?
That will definetly be your best course of action.
I"d like to hear what he says about it as well, (the cpa I use is down in South FL) If your meeting with him face to face I'd like to tag along and bounce questions off him too (if he doesn't mind).
I probably have to re-activate my status with UFF but I'd be happy to work out a deal to get you the program.
a friend of mine is actually an "MMA agent" down in s fla. he is trying to get me to sign up. i just dont do anything he says until i see proof. lol
i will get more info from the cpa friend this weekend. but, i have a feeling he aint gonna like it. if he isnt doing it, and he's done lots of real estate transactions (buying/selling/flipping), it makes me wonder, b/c he is pretty savvy.
I do not believe this program and think it is a scam of sorts.
This program is loosely based on 95% facts and 5% misconception and misdirection. They actually state several outright lies during their presentation.
My number 1 reason this program is a joke is this... They start out with the premise that you can't pay your mortgage early without this program. And that the program makes it so you are aloud to pay off early. The early payoff has nothing to do with the program it has to do with putting extra money towards principle.
I welcome any of your salespeople to come and make me a believer. But I will warn you now, you must come with facts and figures, not speculation and guessing. Also leave out the "I'm a lawyer" "I'm a rocket scientist" song and dance. WE GET IT. And whether or not you believe it some people in this world can think for themselves.
TO ALL THE LOAN OFFICER ETC. SALESPEOPLE AFFILIATES WHATEVER THIS IS TO YOU
I am challenging you all to prove that this system works. And if you can't stop ripping people off.
All of this is well and good at first glance. There are two things that strike me though. There are old sayings/axcioms like "If it seems to good to be true...", "Nothings free.." and they go on and on. There's a reason they are common and generally rules to live by and that is because it's true. If this is legit and as "good" as it's being tauted then the answer is simple. The government just hasn't gotten around to quashing it yet and or bleeding it and it's users. They will of course.
What really sets off alarms is that I know someone who is walking around like she won the lottery after a "financial advisor" sold her on it. Then he sold her software costing over $4000.00??
I'm no finance genius, far from it, but I've NEVER seen that kind of money paid to an advisor, planner or account manager..especially as essentially the start up money/entrance fee.
I do not believe this program and think it is a scam of sorts.
This program is loosely based on 95% facts and 5% misconception and misdirection. They actually state several outright lies during their presentation.
My number 1 reason this program is a joke is this... They start out with the premise that you can't pay your mortgage early without this program. And that the program makes it so you are aloud to pay off early. The early payoff has nothing to do with the program it has to do with putting extra money towards principle.
I welcome any of your salespeople to come and make me a believer. But I will warn you now, you must come with facts and figures, not speculation and guessing. Also leave out the "I'm a lawyer" "I'm a rocket scientist" song and dance. WE GET IT. And whether or not you believe it some people in this world can think for themselves.
TO ALL THE LOAN OFFICER ETC. SALESPEOPLE AFFILIATES WHATEVER THIS IS TO YOU
I am challenging you all to prove that this system works. And if you can't stop ripping people off.
Don't think you'll find anyone on this board that will do that, Backtofla and myself were just discussing our thoughts on the concepts of the program and neither of us sell it.
Why not just pay off your debts as fast as you can using some variation on the debt snowball and then refinance the house to a 15 year note?
Because if you know how to pay off debts without being told, then you can't be charged $3500 for piece of software which tells you to do it.
Everything I've seen about these programs is that it's a convoluted way to pay extra towards your mortgage each month. It involves a HELOC to try and confuse people into thinking it's doing something extra, but the benefits of this added complexity are minimal. They're even worse now that the variable rates on the HELOCs have increased. Any of the benefits by using the HELOC to float the money a bit is lost to the crazy amount that's charged for the software to make it work.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
