Is anyone familiar with 9 Year Mortgage?

rstaples · Joined: 12 Jan 2011 Posts: 1 1.39 Dollars($)

Does anyone know about the company, 9 Year Mortgage? They claim that with their sophisticated method of debt reduction strategies, you can pay off your mortgage in less than ten years.
However, you have to talk with one of their "analysts" to see if the program will work for you.
Anybody heard of this company?

smithsussane · Posted: Wed Jan 12, 2011 9:20 pm Post subject:

Hi rstaples!

Welcome to forums!

Well... I haven't heard of this company before. Moreover, I have never heard of their sophisticated method of debt reduction to pay off your mortgage in less than ten years. Thus, before taking their help in order to pay off your mortgage, it will be better to contact people who have taken their services and take their feedback in this matter.

Feel free to ask if you've further queries.

Sussane

jimgilly · Posted: Thu Jan 13, 2011 2:22 am Post subject:

There are a number of programs out there that make it sound like they have a system if you buy and follow that will magically pay off your mortgage much sooner.

Bottom line, you will pay off your mortgage sooner if you just make extra payments to principal on top of your scheduled principal and interest payments.

Guest

I have heard of the 9 yr mortgage. Never tried it. I use another program which is using a HELOC to pay off the principal mortgage. I started 2 years ago. I have only 2 more years remaining to pay off my mortgage. IN 2 yrs i built about 70K in equity. Yes..the system I am using works. Paying extra towards your principal helps, but it will never pay it off the way this system does.

jimgilly · Posted: Thu Feb 03, 2011 12:31 am Post subject:

There are a number of mortgage acceleration programs still being promoted, often at exorbitant prices of $3000, $3500 or more. Most use a HELOC and some even make ridiculous claims that you can still payoff your mortgage years earlier without using a HELOC or making extra payments against your principal. For you to make a claim that in only 4 years you pay off your mortgage and it is not because you are making extra payments towards your principal is not true. Why don't you provide all the details of your mortgage and exactly what you did and are doing and I will provide a detailed comparison to prove my point. Be specific with your information.

Guest

I googled it, and Sean Finance has some things to say about them. google sean finance 9 year mortgage. actually, it works if you just google 9 year mortgage

9 Year Mortgage just wants your credit card for something that Sean Finance does for free.

Guest

The Nine Year Mortgage plan seems to be one business scheme out of NUMEROUS schemes coming out of Utah. I asked for the CD. However, It appears to be the same sort of plan as John Commuta's "Cascading Debt into Wealth". It is a plan that involves turning debt around by paying off the smallest debt first, then each debt you have, one by one, from the smallest to the greatest, until all debts are eliminated.

These sorts of programs start with someone from the staff "coaching" the client by have the client record all personal debts. Then the coach has the client record all income, expenses, and assets to determine the clients total wealth value.

The next step, is that the client will stop any recurring expenses that he/she feels not necessary, and apply that expense, instead, to paying off the first small debt of choice.

Of course, this method will only work, when one first creates an emergency fund. Otherwise, if an E-fund is not in place, then the next time the car breaks down, or the basement floods because the washer broke and the insurance co refused to pay, well, the client goes right back into credit again, to pay damages.

The "coach" gives the client all of these steps. The big turn off is that this strategy is not a mystery. Anyone who has half a will can do it, provided the Emergency Fund is not missed, and one faithfully stays away from using credit.

The real mystery, is that because the "system" works, these "coaches" feel that their service is worth THOUSANDS OF DOLLARS for a weekly check up phone call. And if you don't have these thousands of dollars, they WILL take CREDIT!

I would stay away from these types of services. Instead, I recommend a service that is bound by ethical standards like that of the ECFA (Evangelical Council for Financial Accountability).

Moneymanagement.org is a non-profit, and is accredited by the ECFA.

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