Money Merge Accounts The New Sub-Prime Mortgages
Money Merge Accounts are being touted all over as the way to eliminate all your debt, including your mortgage debt in just a few years.
Now that the mortgage scams have all blown up, the scamsters are focusing their energies in a different area targeting people who are desiring to pay down the debt they have. The accounts couple the deposit of the the participants whole paycheck into the account and apply the entire sum to the mortgage. Normal living expenses are then paid out of the home equity line building the balance back up.
The theory is that the mortgage balance is paid down much quicker by the larger paycheck sized deposits saving thousand if not hundreds of thousands in interest. The problem is that the institutions that specialize n theses setups have large fees associated with them and they can be risky if you do not manage them properly.
For a more in-depth explanation of the risks and details of how these works, you will find no better source than Searchlight Crusade.
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I’ve been writing about this scam for some time. Yes, it will likely blow up just like subprime. It’s a shame the attorneys general haven’t shut it down yet.
Joe
why isnt someone doing somthing about this?!