If you have not yet done so, please read part 1, part 2, part 3, part 4, and part 5 of this series first, then read on.
This week, I’ll offer some of the exaggerated claims made by those who likely don’t even understand what they are talking about.
“ This can be done on your current income, with or without a HELOC (or any other line of credit), regardless of current credit rating–using proven tools and banking systems. Again, much faster than you can do on your own! In fact Jubilee believes you CAN’T do this on your own, and we can show you why, so let’s compare notes!”
They can believe what they will, but I can show that a simple monthly prepayment beats their system. Whether you do it on your own is up to you, of course, but as Kiplinger magazine noted, “Salespeople challenge whether you’ll follow through on your own — as if spending $3,500 for software will ensure that you’ll use it. Tell that to couch potatoes whose high-end exercise equipment gathers dust.”
“Using factorial math, the new version squelches the challenge of ‘I can do this on my own’.”
Factorial Math? Mortgages are nothing of the sort. They use simple arithmetic to calculate interest and payments. Craig Hansen guest posted on the Fraud Files blog and discusses “Factorial Math” in greater detail.
“Unless you’re going to stand there and tell me you can make over 3 million calculations each time you decide to spend a dollar, it’s just not possible to do this on your own. commented Lee Bradshaw of The Jubilee Project.”
No, I’m going to sit here and chuckle. It’s pretty simple, you line up your debt, on an after tax basis. You pay the highest interest debt first. If you can use a 6% (or thereabout) HELOC to consolidate and reduce the rate of higher interest debt, you do so. Let’s recall, the target client has an extra $1000/mo available, and with that much free money, they should have no debt other than their mortgage, so 3 calculations aren’t needed let alone 3 million.
“Q. Why can’t I make extra principal payments to my primary mortgage and achieve the same results?
A. Simply put, the mathematics behind MMA present a sophisticated process that has a substantial financial benefit over increasing your monthly payments. The algorithms in the proprietary MMA system are systematically programmed to create the highest interest savings possible in the least amount of time. The math engines programmed in the MMA system calculate the specific timing and dollar amounts required to produce the most optimum savings possible.”
I’ve already shown (in prior posts in this series) that a simple spreadsheet can beat the MMA system, despite its sophisticated algorithms.
“Q. Is there any risk involved?
A. From a financial standpoint, there is very little risk. No stock market crash or extreme interest fluctuation can completely eradicate the expected outcome. Only homeowners that qualify to significantly reduce their mortgage payoff time and interest will be activated on the MMA program.”
Really? Banks have recently sent notices out limiting and in some cases, canceling, access to further HELOC withdrawals. If you are caught in that cycle, you may find the next minor emergency goes right onto a 24% credit card.
“It is our pleasure to share with you the toughts (sic) on the Money Merge Account from G. Edward Griffin, author of The Creature From Jekyll Island. G. Edward Griffin is not only an author but film producer and established political lecturer.”
Who is endorsing this program? An author and film producer? Wow! Sign me up! Well known authorities such as Dave Ramsey and Clark Howard, along with numerous legitimate financial publications and web sites have both come to the same conclusion as I have. You need to dig pretty deep to want to take financial advice from a science fiction author.
Next week – More smoke, more mirrors, more innumeracy.
Joe
