Equity Accelerator reviews and complaints
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Lie to their customer
i received a letter from the company regarding their Equity Accelerator program; I called in and spoke with the sales rep on the program, and was told I am qualified for the program and he gave me the details on how much I can save if I enrolled this program. yesterday I received a welcome letter from the company, on the letter I was asked to pay the mortgage bi-weekly and the numbers was more than $100 each payment than what I was told last time.
This company was lied to their customer.
The complaint has been investigated and resolved to the customer’s satisfaction.
Mortgage Payment scam
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.
Just takes a bit of effort and imagination. You can do it! Best of luck.
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!
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!
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.
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.
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.
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.
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.
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!
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.
Also did not get our money back yet!
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.
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.
I'm in a similar situation currently. How long did it take to receive your funds
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.
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.
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