Anonymous
map-marker Bellevue, Washington

Equity Accelerator Mortgage Review

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Horrible. They make payment arrangement dates and pull out money from your account on a totally different date then what was agreed on.
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Reason of review:
Problems with payment
Anonymous
map-marker Augusta, Georgia

Very unhappy and concerned.

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I have my mortgage and 2nd with mortgage accelerators and have for over 15 yrs.There have been no problems till Sept. of this year when suddenly my 2nd was not being paid, wrong address was the excuse took a month and many calls to get it fixed. Then last week I received two letters telling me two payments, one in 2011 and the other in 2014 had not been paid to the mortgage companies and looking at the quarterly statements I was told those payments had been made. I was told I would be getting this money back. and I would receive my money back by Friday , Monday at the latest (direct deposit). It is Tue still no money, now it will be 8-10 working days. In Oct suddenly they stopped paying the second altogether and closed the account without my permission, but claimed I did it, but could not give me any proof I closed it .I had to fill out forms and fax them back to reopen an account I did not close. It took two weeks and the payment was late and when questioned why two weeks into the situation the payment was still not made, I was told it took 24 hrs for the funds to clear, well 14 days is well over 24 hrs. No one can tell me why my payments in 2011, and 2014 were not made and was told "you pay extra payments anyway so you didn't miss any payments just and extra one." But I guess I'm dumb, but wasn't that the whole point of the account? I have been hung up on , insulted by customer service. and been treated like I was not paying my mortgage by the banks ,when I have never been late or missed a payment. It's very distressing to suddenly get a letter talking foreclose on your house when you have been paying more than you have to.
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Cons:
  • Bad customer servise
  • Wait time to talk to real person
  • Being lied to
Reason of review:
Problems with payment
Anonymous
map-marker New York, New York

Who is "equity accelerator program" and how did they get into my account?

For quite some time now, I`ve had once a month automatic morgage payments deducted from my checking account by Chase bank. Then, for the first time, a third party named Equity Accelerator Program gets into my account and makes an unauthorized second monthly payment for me. Chase bank accepted this transaction but has no record of who this third party company is. Finally, a department at Chase was able to reach someone named Karla. Karla would not identify her company`s phone # or e mail address. I`ve been on the phone with Chase bank for the last three hrs and no one can answer ... Who is "Equity Accelerated Program" and how did they get into my account. My concern is that this is a scam company who hacks into accounts and at first, duplicates a legitimate transaction. Then, once they`re safely under the wire, come back for the kill. Paranoia will destroy yea? I don`t think so but I`m taking no chances. I`ll stay on hold for as long as it takes.
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Reason of review:
Bad quality
Anonymous
map-marker Hyde Park, New York

WHAT A SCAM!!!!!!

Are there any current class action lawsuits going on? If so, how do I join in? If not I think that one should be started, I think this company is bilking hard-working Americans out of millions of dollars monthly!!!! I find it hard to believe that the American government has not yet stepped in and shut down this "program". It seems that what is going on here is quite criminal and should be prosecuted properly. It is amazing that scams of this nature are still going on in this day and age, you think the government would be more cognizant about crime like this!!! All I can say is that if anyone is willing to start, or join a class action lawsuit, we should get the ball rolling. It is a pain in the *** to have to write 80 words to get your post, posted. So I would like to hear responses as to what each of you think as to how we should move forward, to reclaim the millions of dollars that should be paid back, to the hard-working people, it was stolen from
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Cons:
  • Being lied to
Reason of review:
Problems with payment

Preferred solution: Full refund

6 comments
Guest

This post is terribly unhelpful. The user doesn't state the issue or properly understand the program.

Obviously people can make additional payments to the principle without equity accelerator programs and they know that. The realtor, loan officers, even title company will remind you not to mention the bank must tell you they won't penalize for additional payments. The buy in is being able to pay the mortgage in multiple payments throughout the month. Banks will hold or apply any partial payments to the principle of the mortgage for individual accounts.

The home owner would need to call in every month to have it adjusted whereas the banks recognize these companies that make the payments on the homeowner's behalf and allow the principle to decrease sooner. They need your personal information to actually do the payments. Yes, it's legit. Yes, it saves thousands of dollars (I can attest and am using again on a second home).

Yes, it helps you budget your money. And YES you know exactly what you're getting when you sign up so a case wouldn't stand in court.

Guest

Who would pay a third party to pay down principal when it should be easy for anyone to do that directly with the lender? This is a scam to naive mortgage holders.

The banks promoting this third party service should be ashamed of this behavior.

Guest

I'm experiencing this same thing. I'm meeting with a lawyer Monday!

Guest

I used equity accelerator making payments every 2 weeks my mortgage was sold to nation star which lost the first payment they use equity accelerator . I told them I do want to use them because I never saw my extra payments go to my home. were does the extra payments go and why did they did not have enough of money to pay the payment.

Guest

I'm in the same boat as you. Found this article and hoping that reimbursement will come from it:http://www.moneytalksnews.com/mortgage-servicer-slapped-for-fake-equity-accelerator-program/?preview_id=139049

Guest

Is this a legit company, why is my mortgage/home in the US but this company is out of Monterey, Mexico.. The rep I spoke to did not give out much info regarding the program but he was quick to ask for my personal information, which I decided against as I do not feel comfortable and should not have to provide my info immediately over the phone, why couldn't he send the documents to me for review first?

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Anonymous

Stay Away from Equity Accelerator they are sending the payments to the wrong address

Equity Accelerator was taking money out of our account for the mortgage, but apparently sending it to the wrong address or not at all. Our Mortgage company said they have not received the last 6 payments and threatened to send us to collections. When we called Equity Accelerator they said it would take 10 days to check the status of their payments to the mortgage company which would put us into collections with the mortgage company. Equity Accelerator refused to contact the Mortgage company to make the situation right. Avoid this company at all costs! Set up a payment plan with your bank. We also paid fees for this program which can be avoided by going through your own bank.
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Reason of review:
Problems with payment
4 comments
Guest

Some people have written that they have dealt with Equity for Years and never had a problem. Today's Financial Climate has made third party processing indifferent and Irrelevant.

Any overpayment you care to make can go directly through your bank. As a matter of fact, I am sure your bank will encourage it. Equity is obviously losing money and taking your money to cover their losses. While I encourage you to continue to call equity , your time would probably be better served , contacting the lieutenant Governor of Colorado, Your Congressman, Congressman in Colorado.

Posts on Social Media are helpful, Highlighting this scam.Meanwhile, please make sure they are unable to deduct any further $$$ from your account. Don't trust them not to go back to the well.

Once a thief always a thief. Please continue to fight for your Dollars and your Dignity !

Guest

the same thing is happening to me. I really feel we would all have a class a suit if we would pursue it.

They are getting rich by messing up hard working individuals like us.

Guest

I am going through this now as well... Sent the payments to the wrong company since August of 2015 all of them were forwarded except January of this year...

Cancelled services but now my January payment has been missing for 53 days... nobody is helping me locate the money...

Guest

Im experiencing this now. They have my last two mortgage payments! I'm meeting with a lawyer Monday!

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Tadd Sfm
map-marker Glendora, California

Beyond Disappointed!!! Stay away from this company!!!

Was with Equity Accelerator over 15 years. Sold my house and purchased a new house - called EA in July 2015 to get info and to see what my new payments would be. I told them to hold off until I was ready. This last Friday, Oct. 9, 2015 - they started to take money from my checking account without my approval!!! I called and cancelled immediately, and asked them for a refund...which they promised would be done by Oct. 15th. Today is Oct. 19th, and when I called to ask about a refund - it was SENT TO MY MORTGAGE company!!! I spoke with over 6 customer service reps, and one floor manager name Tina - ID# 177372 and they are ALL liars!!! What an incompetent group of employees!!! Even though I have a life time membership w/ this company - will NEVER do business or recommend this company. Only good service rep was Carols ID# 109**** who was able to track down/understand my frustration - called the mortgage company and fixed this problem for me.
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Loss:
$1740
Cons:
  • Being lied to
Reason of review:
Poor customer service
Anonymous

WHAT A JOKE !!!!!!!!

I've been a customer for about 20 years - no problem until now - BUT DON"T HAVE A PROBLEM !!!! ... EVER .... THEY ARE ALMOST IMPOSSIBLE TO CONTACT !!!!! The 800 customer service hangs up on you - and believe it not - in this day and age - NO FREAKING ONLINE ASSISTANCE - NOTHING !!!! .... but an *** site that dates back to ancient 1992 days .... I had to go thru my mortgage company and backdoor the company to get any assistance .... God Help You dealing with Equity Accelerator !!!!! mmm mm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmmm mmm mmm mmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
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Loss:
$1200
Reason of review:
customer service from the 1980s
Royer Pol
map-marker West Mansfield, Ohio

They closed my accts without notifiing me

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My mortgage co changed from chase mortgage to nationstar mortgage and i faxed in everything i was told. the first fax didnt have the new acct number it. i had to call and find that out. so i faxed in everything again. and they closed both accts. I was told it was fixed and it would begin on the 12th of june so July 2015 pymts would start. they lied again. nothing was done. so the third time i called, here we go again i have to call to confirm which i was not told that. Now i still cant get in to see my acct. i want my account fixed. if you cant i will go some where else where they are reliable. i have been with this co for several years and never had a problem. SO WHAT HAPPEN. VERY PISSED OFF.
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Loss:
$2000
Cons:
  • Being lied to
Reason of review:
Poor customer service

Preferred solution: i want my acct fixed NOW

Serene Xca

Equity accelerator, missing money, foreclosure

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After 9.5 years in an equity accelerator program with bi-weekly payments plus additional cash to principle bi-weekly we were given varying dates for end of loan. Different numbers from equity accelerator versus primary mortgage holder. Fell behind due to unemployment, bank sent letter to state not pursuing foreclosure, released deed. Months later house is now on auction site. Money sent to BB & T returned...at a loss. Now have lawyer and will take legal recourse. We should have been paid off if monies had been applied properly. Unbelievable experience; big banks do some shady business practices. Cannot fathom how this has happened. Have clear deed, returned money, and auction date is set. How is this legal??
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Loss:
$43600
Cons:
  • Bad customer servise
  • Being lied to
  • Almost 6 months and no resolution

Preferred solution: Let the company propose a solution

Anonymous

Bad customer servise

Your company sent my check to the wrong address, there for my mortgage payment was lost. I received a late fee of $49.00 and was reported to the credit company. I spoke to a representive named D Andre did not try to work with me at all. Poor customer servise.I canceled my servise and DO Not recommend this company to anyone else.This company does not know what they are doing. Have no training what so ever. The check was sent on the 9th of June to the wrong company. I received the check from my old company today. 7/9/2015.
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Loss:
$49
Cons:
  • Bad customer servise
Reason of review:
Poor customer service
1 comment
Guest

My payment was sent to another bank as well and equity accelerator refused accept responsibility. It took me two months to clear up their mistake.

Anonymous
map-marker New Brighton, Pennsylvania

Equity Accelerator - Mortgage Review from New Brighton, Pennsylvania

Horrible service. I had a mortgage being serviced by EA, and all went fairly well. I upgraded to a new house and created a new account for the new mortgage. They stopped paying the first one, but luckily I caught it quick. I called in to resolve, and they fixed it. However, they stopped paying the second account. I didn't catch this one until my new house mortgage was 3 months behind. Then that was fixed. After paying 2 mortgages for 5 months, the old house finally sold. I called to cancel service on that account and was told it was done. That was 2 weeks ago. I just noticed that they took the first mortgage payment and added it to the amount on the new mortgage. I can only imagine what will happen when I call to resolve this on. Uh, I know, I'm canceling my service altogether.
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Reason of review:
Problems with payment
Amaiah Nav
map-marker Albuquerque, New Mexico

Amount They Take Keeps Changing

They took $955 as per agreed. Then in February they started taking $974.07. I called and after 20 minutes of waiting they told me my home owners insurance went up. I then called my insurance company and they told me my insurance actually went down. I called them back and after another 20 minutes of waiting I told them my insurance actually went down. They told me they would do another evaluation and I would get a letter explaining changes in 10 days. After two months and no letter I called again. After 20 more minutes of waiting the will send a letter. I got the letter and the payment is now $961.79 because of escrow. That's still more than $955 and no real explanation.
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Loss:
$83
Cons:
  • Almost 6 months and no resolution
  • Wait time to talk to real person
  • Being lied to
Reason of review:
Poor customer service

Preferred solution: Full refund

Anonymous
map-marker Rocky Point, North Carolina

Charged enrollment fee without telling me

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I started my first loan with LoanCare about a year ago. I told LoanCare I would like to make my payments bi-weekly and it was set up. I thought it was set up through LoanCare, but it was set up with Equity Accelerator without my knowledge. Well, a month ago, I refinanced my mortgage. EA took 3 payments out in the month of march... 2 of which payed my last month's mortgage with LoanCare, but that left a 3rd payment in limbo. I called both companies to find out what happened with it, and eventually found th missing 3rd payment... it was being refunded to me with my escrow check, but it was missing about 300$ That's when EA told me that was their Enrollment fee of 295$ that has been outstanding since last year. I informed them I never agreed to pay that amount, and that I was never informed of a 300$ fee, and I'd like my money refunded to me. They told me that after my mortgage agreement was done, and I set up bi-weekly payments with LoanCare, that they sent me a piece of mail stating I owed them 295$. I never received this letter, and even if I did, I would have discarded it as junk mail since I never heard of their company. I am contacting my states Attorney General to pursue legal action against them.
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Reason of review:
Problems with payment
Anonymous
map-marker Orlando, Florida

Ripped off

I had called equity accelarator to see why my mortgage payment has not been sent to my company, loancare ,myself and rep. online. We spoke to Susie who stated they were holding my money because I mentioned that I would make my March payment.susie stated that they is a $294.33 disenrollment fee. I told her that we could make arrangements where the funds could be withdrawn from my acct however that would have to take place in April when I get paid again. Susie stated that she would send the total amt of my mortgage to loancare before the 13th of March. We all agreed, and that I would setup with rep. To pay disenrollment fee. On March 11, 2015 mortgage payment was sent less $294.83. Loancare continued to call me regarding this payment. ALSO I WAS REPORTED TO THE CREDIT UNION FOR LATE PAYMENT...I called accelerator and spoke with Clarion who states she would put in a request to have my monies that was taken without my consent given back to loancare. Needless to say that never happened. I called back again and spoke to Karla (supv.) who stated she would put in the request stating it has to go to the back office. Fast forward they took $294.33 twice from my acct. Today! 3/27/2015..Mad as ***!! Spoke to Peter who really tried to help spoke to his supv. Who said she would expedite the refund and to call back on Monday hey guys I'm $600. Short to pay other bills. This company has been a NIGHTMARE!!! I also accumulated $258. In late fees with this plan
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Loss:
$883
Cons:
  • Horrific
Reason of review:
Problems with payment

Preferred solution: Full refund

Anonymous
map-marker Stevensville, Maryland

Not saving interest at all

The company takes out the payments bimonthly but pays the mortgage company monthly. You are paying service fees for absolutely nothing. I was in it for 11 years...then the mortgage lender changed and they took 3 payments and did not reimburse me. I received a delinquent notice from the new mortgage company, that is how I found out. Get out before it is too late. I have filed with consumerfinance.gov, attorney states general office and am filing with a lawyer. Americans work tooo hard for their money to be ripped off especially by a mortgage company program. They are the reason Americans are working harder these days.
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Reason of review:
Problems with payment
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