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Too big to fail
 
widebody911's Avatar
 
Join Date: Jan 2002
Location: Carmichael, CA
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Quote:
Originally Posted by legion View Post
Another scam was my mortgage company tried to get me to enroll in their "equity accelerator" program. Basically, my mortgage would be due every two weeks instead of once a month at roughly half the payment. I'd be making 26 half payments instead of 12 full payments. I read the fine print, and I saw that my mortgage would be due the 1st and 15th of each month with a 5 day grace period, and I would be charged a fee roughly equal to two half payments to enroll.
I've received similar offers; who is dumb enough to take them up on that?
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Old 02-19-2019, 07:21 AM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #21 (permalink)
Never left, but not right
 
Zeke's Avatar
 
Join Date: Jan 2002
Location: Long Beach CA
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Quote:
Originally Posted by legion View Post

Another scam was my mortgage company tried to get me to enroll in their "equity accelerator" program. Basically, my mortgage would be due every two weeks instead of once a month at roughly half the payment. I'd be making 26 half payments instead of 12 full payments. I read the fine print, and I saw that my mortgage would be due the 1st and 15th of each month with a 5 day grace period, and I would be charged a fee roughly equal to two half payments to enroll.
That offer is legit accept for the fee. Make sure that wasn't a 3rd party offering a service like that. It's a great business model in that they get a set up fee (bank would only charge a nominal fee, if any) and then have you direct deposit to them and they in turn send the money on to your bank. How would that be a great model? They would not change your payment date and keep that money as 'float' paying once monthly while you're paying 2wice monthly. IIf a company signed up enough mortgagees that they might have a few million or so in their back earning daily interest. If they were really successful it could be a lot more.

"Use a Third Party
There is an option of using a third-party company to pay your mortgage biweekly for you. This will cost you and can be a bad idea if the company pays late or folds. Essentially, the company is debiting your account biweekly by splitting your monthly payment into two payments and charging you every other week. They still pay your mortgage only once a month, but the extra that they are charging you by your paying biweekly is added to your monthly payment and creating the same benefit as a biweekly payment."
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Old 02-19-2019, 12:32 PM
  Pelican Parts Catalog | Tech Articles | Promos & Specials    Reply With Quote #22 (permalink)
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