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FIB - Scams 101
It's a sweep account (Re: $3500 for software to pay extra on your mortgage?)
Posted By: Mel. White In Response To: $3500 for software to pay extra on your mortgage? (Bill, the Roadie)
Date: Monday, July 9, 2007, at 12:56 p.m.(pst)
>> Color me skeptical.
Actually, I was a little skeptical of it when I read the financial analysis. Many banks offer them, though I haven't yet figured out why these guys want $3500 for it. I've seen it discussed elsewhere, and if you're living on the margin, a sweep account is not the best idea.
http://www.investorscommunitybank.com/biz.html#sweep
>> Ummmm, no. I also don't understand why it has to be sold with so many
>> layers of parasites all wanting their cut of the sales price without doing
>> any work.I couldn't figure out where these thousands of people are, since there's less than 300 mentions of it online. And Accelerated Equity seems to be in competiton with the resellers of this. In fact, I'm not sure where that $3500 goes. There's something I've seen that says you can use the software for $170... so what's the rest of the money for? Setting up the account?
And if it's for setting up the account, then where in the heck does the "downline" get all the money from?
>> Sounds like a few hours (max) work with an Excel macro could
>> accomplish the same magic. I might be wrong. Convince me. Or not, it's
>> really nothing I'd be interested in.You can. Just set up a mortgage and budget account on an Excel spreadsheet. At the end of the month (before your new paycheck comes in), send whatever's there to the mortgage company.
>> A professional financial planner, presented with a client who was
>> "spending every penny they made", who would sell them a product
>> for $3500 to let them pay extra on their mortgage every month in hopes of
>> a long-term payoff that might never come, should lose their license. Just
>> my opinion.I did try to check that angle out and came up a blank. Couldn't find any planners promoting the product. Didn't google for planners and sweep accounts, but having used financial planners, I'm not sure they'd really recommend that for someone in serious financial trouble.
And as one blogger said, folks with that kind of financial problem don't usually have a significant amount of extra dollars to put down. I couldn't see sending the mortgage company $25 at the end of the month.
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