Equity AcceleratorMortgage Payment scam

F
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Verified customer
Review updated:

EQUITY ACCELERATOR IS A SCAM! No matter which bank or mortgagee you deal with! Probably the paperwork you got made it sound like it was part of your bank but it is not! The company is a seperate entity owned by Western Union (do a WHOIS search of the company name). Even though it seems your mortgage payments are made to your mortgagee, they are not. EA takes the bi-weekly payments, uses your money (for which you pay a fee of $2.50 each payment plus the initial enrollment fee), then remits to your mortgagee only once a month. The only benefit to this program is the the 13th monthly payment which goes directly to principal. Anybody with a calculator and a bank account can do the same thing, save the fees and make a bigger dent in their mortgage. Open a second bank account and set up weekly or bi-weekly recurring transfers into that account (depending on how you get paid.) Pay your mortgage from that account. Once or twice a year go into the bank (or online) and ask to make an extra payment (prepayment) to your mortgage for whatever amount you are comfortable with. You could even go in once and month and put a couple of hundred dollars down on the mortgage. It doesn't seem like a lot but over time it can make a huge difference! Another thing that makes this program a scam - in pretty much every other place in the world (certainly in Canada), when you pay bi-weekly, the payment is credited bi-weekly. So the principal balance of the mortgage upon which the interest is calculated is lower with each payment. Therefore you pay more principal and less interest with each payment you make. So properly applied bi-weekly payments are the way to go because of this and the extra payments.

More Equity Accelerator Complaints & Reviews

Responses

  • Ti
    Tim Fedorchak May 07, 2019
    This comment was posted by
    a verified customer
    Verified customer

    The WORST customer service experience I've ever had with any business at any time. When my mortgage was sold by my original lender to a new lender, I called Equity Accelerator Customer Service to change the Lender information. EA continued to send my payments to the old Lender for four months, even re-sending the payments returned from the original lender back to the same [wrong] place, and putting me in default by the new lender after continuing to take my funds every two weeks and continuing to charge me for the privilege. Two Customer Service Supervisors were courteous but would not provide any "concrete" information or any commitment to resolve the issue; and one Customer Service Supervisors was outright rude and took a "couldn't care less" attitude despite my best effort to remain calm and professional. Ultimately, it turned out that EA "held" my funds despite confirming that they had the correct lender information all the time. After getting it corrected, I called to cancel the program and EA couldn't stop next withdraws (an electronic transfer...), and would only say that I SHOULD have the funds re-deposited in my account in ABOUT a week -- but could not guarantee a date. I would never recommend doing business with this company.

    0 Votes
  • An
    anneghen Aug 02, 2018
    This comment was posted by
    a verified customer
    Verified customer

    Two mortgages I had with two different banks would not accept partial payments or me trying to set it up for bi-monthly payments on my own. They both said that there can be issues with how payments are applied and they cannot guarantee it will be posted correctly and that I could end up with late fees. Neither bank was affiliated with EA in any way but they both advised that I not try to do it on my own due to the risk of how partial payments are applied. I have been with EA for about 15 yrs and have never had an issue. I hope it continues that way now that WU is taking over.

    5 Votes
  • Cl
    Clint Dalton May 24, 2016
    This comment was posted by
    a verified customer
    Verified customer

    Its not a scam. Here is the reason why. Yes, you can do it yourself. That's very true, but only 15% of the people will actually do it.

    0 Votes
  • Gr
    Greg Fishback Jul 24, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @Clint Dalton I agree. It's worth $5 to make sure it gets done. I used them for 10+ years, stopped it, refinanced and added my new mortgage lender again all with zero hassle.

    3 Votes
  • Mj
    mjdunkle1 Oct 19, 2015
    This comment was posted by
    a verified customer
    Verified customer

    Was with Equity Accelerator over 15 years. Called EA in July 2015 to see what my payments would be for my new house. I told them to hold off until I was ready. This last Friday, Oct. 9, 2015 - they started to take money from my checking acct/ without my approval - over $1, 700!!! I called immediately and asked them to STOP and refund my $$$..which they promised would be done by Oct. 15th. Today is Oct. 19th, and no refunds yet, and when I called to ask about my money - they said it was SENT TO MY MORTGAGE company!!! OMG - all this time, the 6 customer service reps, and one floor manager name Tina - ID# 177372 all promised that it was going back into my checking acct., and now this?!!!??? They are ALL liars!!! What an incompetent group of employees!!! Even though I have a life time membership w/ this company - I will NEVER do business or recommend this company. Only good service rep was Carols ID# 1097071 who was able to track down/understand my problem - called the mortgage company and fixed this problem for me, which now I have to wait another 2 -3 business days. Unbelievable!!!

    0 Votes
  • Tr
    troesterjg Nov 18, 2014
    This comment was posted by
    a verified customer
    Verified customer

    Also did not get our money back yet!!!

    1 Votes
  • Tr
    troesterjg Nov 18, 2014
    This comment was posted by
    a verified customer
    Verified customer

    They took 2 bi- monthly payments out of our bank account and did not pay our house payment. To Ocwen Mortgage. Which made us late and have to come up with it again.

    1 Votes
  • Ri
    Rich238643 Sep 07, 2014

    I received the offer in an envelop several times exactly like coming from my lender but then noticing the address was quite different (in Englewood CO) I thought to do the research online. Thank you all so much for the reviews you saved me from a big pain. I just shredded the mail to pieces and from now on everything with EA on it will go to the garbage bin.

    1 Votes
  • Ki
    Kimberly c Aug 05, 2014

    After 7 years they have finally screwed the pooch with us. Since the first of May we have been trying to get them to pay a new Mortgage company. Which they have not done. After 7 phone calls we still do not have our $3900 and are 60 days late on our Mortgage. I would avoid this company like the plaque.

    0 Votes
  • Mi
    Milo390 May 16, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @Kimberly c I'm in a similar situation currently. How long did it take to receive your funds

    1 Votes
  • Wm
    wm ken Jun 26, 2014

    Not a scam, I've used the company for around 16 years on 3 different mortgages. The fee gets deducted from an excess payment. I've long forgotten the fee from many years ago..easy offset by the many $90 late pay fee's I stopped getting once I got on this program. Yes, They do act as a holding agent with your own money, but the truth is the service is very valuable to running a budget. When you run close on funds this type service is essential to not getting behind on mortgage payments..why? because when you operate close on funds is is too easy to spend from money you intend to replace before the end of the month when the mortgage is due. If you have a spouse that overspends from accounts it is essential. if you frequently run late on payments you need a program like this. The real trick for most people is to get ahead on your mortgage enough to start the program since you need to be paying in advance of 1 month. I never actually use the program to make the 13th month payments.. I normally cancel1 week withdrawal during a 3 week draw month normally in June and December (vacation & Christmas). The program is essential to people who have difficulty budgeting for whatever reason. People may say I am flawed because I don't run a home with good self discipline, but the real flaw is when you don't take a corrective action and use a tool.

    2 Votes
  • Bp
    BPett Jan 24, 2014

    The Equity Accelerator program is absolutely garbage. I had enrolled with them a few years ago, but then found out that they truly do only pay the mortgage once a month so you dont get any benefit from them taking out the money mid-month or save on the extra interest by paying half on the 15th. I have since tried to quit the program and receive the $500.00 back they took from my account but have not as of yet paid to my bank. However, of the fifteen calls I have made to the number posted on their website I have been hung up on 15 times before ever speaking to an operator. I called the Western Union Home office in Colorado however it was clearly answered by someone offshore and he also had no clue about the equity accelerator program. The 'assistant' said they were going to transfer me to a manager but (shockingly) all I received was a dial tone. Also, as you would probably expect with this worthless company, the Website is worse than terrible. It offers no information other than the Terms of Agreement. The Phone number was incorrect and it says "to disenroll in the program Email your intentions to the Equity Accelerator Program." BUT THEY DONT GIVE AN EMAIL ADDRESS!!!
    Please, Please Please figure out how to pay off your mortgage early on your own and do not fall for this scam. Hope this helps you avoid this company.

    1 Votes
  • Fo
    forrwen May 09, 2013
    This comment was posted by
    a verified customer
    Verified customer

    Just takes a bit of effort and imagination. You can do it! Best of luck.

    0 Votes
  • Pe
    peezy May 09, 2013
    This comment was posted by
    a verified customer
    Verified customer

    I joined EA in November of last year I did not no that they were a third party, Ii was not told that there was a $295 joining fee, I was just told that I could cancel at any time.Well I tried to cancel in the beginning of May and was told that I was not able to cancel because I did not pay my joining fee.I thought that a joining fee was to be pain before you join something and this is what I told them because why would I pay fee for someone to pay my mortgage for me, this was not told to me at the beginning, so I called the mortgage company and made a complaint. I'm happy to no that I can pay down my mortgage on my own.

    1 Votes
  • Fo
    forrwen Apr 06, 2013
    This comment was posted by
    a verified customer
    Verified customer

    So glad my rant is helping others! Don't fall for EA but do make efforts on your own to reduce your mortgage as I explained. You can only win by building equity and investing in yourself. Good, luck!

    0 Votes
  • Do
    DoomDoom Apr 06, 2013

    I worked for them and I know that is a scam, PLEASE DO NOT USE EQUITY ACCELERATOR, they charge you $295 at the beggining and $5.00 a month to do ANITHING!!! any kind of questions I´m here to help you!!

    3 Votes
  • Mi
    Milo390 May 16, 2018
    This comment was posted by
    a verified customer
    Verified customer

    @DoomDoom Thanks for your time. I have been trying to recover funds from them since mid April. Did it always take a month or more to get a refund.

    1 Votes
  • Ra
    Ray Morgan May 19, 2019
    This comment was posted by
    a verified customer
    Verified customer

    @DoomDoom They continued to draft my account for months after my note was sold (I didn’t catch it ) what would be the process to get my unapplied funds refunded back to me ? Thanks to
    Everyone for sharing this valuable info .

    0 Votes
  • Fo
    forrwen Jun 23, 2012
    This comment was posted by
    a verified customer
    Verified customer

    I still recommend paying extra principal on your mortgage... but do it on your own. It will make a difference! When you see the total interest paid over the lift of a mortgage its horrific! So everything you can do to reduce the amortization will benefit you. Good luck!

    0 Votes
  • Ad
    adrock3682 Jun 22, 2012

    I'm glad I didn't do this. I was on the phone with them and was about to give them my account information and didn't have my number with me and never got a chance to call them back. And now I know I wont. Thanks

    0 Votes
  • Fo
    forrwen May 21, 2012
    This comment was posted by
    a verified customer
    Verified customer

    Wow, sorry to hear that. I tried to file a complaint with the Florida body that oversees banking but of course they wouldn't help. I can't believe that such a program is able to exist in the US...especially after all the information that has come out about banking scams since 2008! Don't give up on the idea of paying down y our mortgage though... do it on your own. Everything little bit will help. The sooner you pay off your mortgage, the sooner you will be free! Best of luck.

    -1 Votes
  • An
    Angry Mark May 21, 2012

    This is absolutely correct. To make matters worse they picked the wrong community bank to send my payment to, did not notify me that my funds were rejected, so my mortgage payment was late and they sat on my funds. This program is an absolute disgrace!!!

    2 Votes

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