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post #1 of 8 (permalink) Old 01-30-2009, 08:52 PM Thread Starter
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Too good to be true?

Mortgage Acceleration

http://www.columbiabusinesstimes.com...t-loan-option/

Opinions please.
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post #2 of 8 (permalink) Old 01-31-2009, 01:25 AM
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Dude that looks like your house Tae, the one all the way to the right side from the first web link.
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post #3 of 8 (permalink) Old 01-31-2009, 02:15 AM
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Fucking predators won't die......

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post #4 of 8 (permalink) Old 01-31-2009, 06:10 AM
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Originally Posted by DropTopTwin View Post
The first thing I did was look up the Area Code of this place. California, the epicenter of the mortgage meltdown. No Thanks.

JJ
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post #5 of 8 (permalink) Old 01-31-2009, 07:36 AM Thread Starter
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The epicenter of the mortgage crisis, imo, is not the exotic loans itself but the irresponsible people who have barrowed more then what they could handle. Simple greed and ignorance was the cause of the meltdown. Ironically CA being the epicenter of materialistic and vein people, I'm not surprised with overwhelming majority of foreclosesure in that state. The chasing the Jones' syndrome is what did them in. Many people have used exotic loans like ARM and have paid their property off in short amounts of time.

I'm not looking for a magic bullet system but with proper financial management and education, could something like this work to homeowners' favor.

Here is an interesting read.

Mortgage Acceleration Programs


Now I'm not a finanical expert or even a mortgage guru. I'm just a normal Joe who wants to get some feedback on this system. I'm not challenging anything or anyone but just want to learn. I welcome any negative feedback and even encourage them, but at lease provide some good reason and info to substantiate your position.
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post #6 of 8 (permalink) Old 01-31-2009, 07:51 AM
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^that guy is talking in circles so much that I can't tell what he's proposing. It seems he's suggesting that you put your paycheck, minus expected expenses, immediately into your mortgage to reduce interest charges for that particular month. Or, put the whole thing in, then borrow what you need back. Or, manage your finances through a HELOC. I can't tell.
There's nothing magic about paying off a mortgage early, if you can afford to do so. It is simple math, and doesn't require a program. There are mortgage calculators all over the internet that would show you how quickly a loan can be paid given a loan amount, interest rate, and payment.

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post #7 of 8 (permalink) Old 01-31-2009, 09:24 AM
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On the first link:
Too much control for the lender and too much exposure for the borrower = REAL BAD DEAL!
Simply put, you can be shunted of all of your assets in one heart beat.

Second Link: The same shit.

In addition, by having easy access to one's equity will lead to over borrowing. In this country the sophisticated and disciplined in finances are rare and far in between. This is another recipe for disaster that prays on people's wishful thinking with the usual element of greed. The only way to buy a dollar with pennies is through negotiations for concessions. There are no magical formulas.
Mortgage acceleration can only be achieved by paying down the principal before the interest is recalculated against the remaining balance.
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post #8 of 8 (permalink) Old 01-31-2009, 09:36 AM
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Quote:
Originally Posted by Brentwood MB View Post
Is it just me or what? I had my coffee this AM and decided to check into BWOT to see what was being tossed around. Seems everyone is Soooo serious today. Did I miss something?
LOL, I just got back from Ikea + Denny's + Home Depot and it's not even 11:40AM. I got an espresso brewing right now, so hang on I might start tossing shit around in a few. The 190E stalled again
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