Bi-weekly
Mortgage Payments
Biweekly Mortgages: A Reader's Personal Story
Kevin is a DebtSmart subscriber.
Scott Bilker is the author of the best-selling
book "Credit Card and Debt Management."
He is also the Editor and publisher of the FREE
DebtSmart® E-mail Newsletter (http://www.debtsmart.com).
Sign up today!
The following is a series of e-mails written back-and-forth
between Scott Bilker and Kevin, a DebtSmart Reader,
about Kevin's experience with a nightmare of a
mortgage!
Scott,
Thanks for your informative article on Biweekly
mortgages. It really helped to open my eyes when
I was considering one.
Isn't this practice illegal? Seems like the marketing
materials that I received are misleading and deceptive.
Do you have any recommendations on what I can
do to help stop this practice?
Kevin
+++++++++++++++++++++++++++++++++++++
Kevin,
Thanks for writing!
The practice of selling a biweekly mortgage isn't
illegal, just not in the interest of consumers
if it costs more than their current mortgage.
Also, thanks so much for your positive comments
about DebtSmart and would like to include them
on my web site and in-print.
Do I have your permission to do that?
Regards, Scott
+++++++++++++++++++++++++++++++++++++
Scott,
You have my permission to include my comments.
Just to let you know a little more on my biweekly
mortgage saga... After researching info on biweekly
mortgages, I contacted Wells Fargo Home Mortgage
(I have my mortgage with them and received the
offer for biweekly mortgage from them) to express
my concern and displeasure at the program.
My first encounter was with a tele-sales guy named
Ron. After inquiring on some details of the program,
Ron proceeded to make some bold statements like,
"You pay no more a month" and "Your
monthly payment will not increase." I asked
Ron, "How can you not increase your monthly
payments when you make the equivalent of 13 monthly
payments a year?" Ron stumbled for a reasonable
answer and then conceded that you did in fact
make two extra biweekly payments a year which
was the equivalent of a 13th monthly payment.
After further discussion, I discovered that Ron
worked for Paymap Inc. and not Wells Fargo. I
made a simple request to speak with a Wells Fargo
employee to discuss my concerns. Ron connected
me with Carrie of Wells Fargo customer service.
Carrie was very nice but didn't know anything
about biweekly mortgages and really wanted to
put me in contact with Paymap Inc. to help answer
my questions and listen to my concerns. I repeatedly
had to tell Carrie that I was a customer of Wells
Fargo and wanted to speak with someone at Wells
Fargo about my concerns.
Carrie asked me to hold and after a lengthy delay
she introduced me to Denise. I was shocked to
find out that Denise was in fact a Paymap Inc.
employee. Denise went straight into the "sales
pitch" which was irritating. She told me
how "Easy and inexpensive their Equity Enhancement
Program is (cool name for biweekly mortgage) and
how they have 500,000 happy Wells Fargo customers."
I asked, "Wouldn't it be easier and less
expensive to divide my monthly payment by twelve
and then apply that amount each month to my mortgage
principle?" Denise agreed but said that most
people don't have the discipline to do that.
I again asked for a Wells Fargo employee that
understood their program to speak with. Seems
that no one at Wells Fargo knows anything about
their Equity Enhancement Program. According to
Ron, Carrie, and Denise, only employees of Paymap
Inc. know the details of the program. I expressed
my displeasure. "Your telling me that no
person at Wells Fargo understands or can speak
with me about the Equity Enhancement Program?"
They all agreed. It's kind of scary that as a
consumer the company you trust with your mortgage
doesn't know or understand the programs that it
offers. I finished my lengthy phone conservation
by asking for an employee of Wells Fargo to contact
me to discuss the program. I'm not going to hold
my breath waiting for the phone to ring.
Kevin
+++++++++++++++++++++++++++++++++++++
Kevin,
I'm not surprised! I don't wouldn't expect their
phone-drones to be able to understand the details
of that mortgage "product." And they
certainly don't know how it truly compares to
your current mortgage so they could, and would,
never tell you if it's better (cheaper) than your
monthly mortgage.
Your story is very well written! In fact, I would
like to use your article in print, online at my
web site, or in the email newsletter, which is
sent to 7,900+ people every two weeks. Articles
posted online would have your photo (if you wish).
Do I have your permission?
If yes, then you agree that DebtSmart, Press One
Publishing, its assigns and licensees, have been
granted the non-exclusive right to use and/or
reproduce your article in any manner, in any media,
and for any purpose.
Please let me know as soon as possible--thanks!
Regards, Scott PS: If you have a digital photo,
and want me to use it, just send me it as an attachment
or snail mail to Press One Publishing, PO Box
563, Barnegat, NJ 08005-0563
+++++++++++++++++++++++++++++++++++++
Scott,
Thanks for the compliment on my story. You do
have my permission to use it.
Kevin Harve
Please fill out the Christian debt information request form on the right to request more information about our Christian debt programs.
|
