Mortgage Reduction Question
I'm thinking of signing up with this one particular mortgage reduction company. Commissions are excellent and product mainly sells itself. Any one out there have any expierence or stories about these mortgage reduction companies? Is it really going to be worth my time and money? 
If you believe you are a very good salesperson. Ask yourself, can you convince somebody to pay you hundreds, possibly thousands of dollars plus monthly charges for you to implement a system for them that they can do themselves or call their lenders and have them set it up for free? Don't believe their hype that many lenders are not set up to do what they offer, they are.
sign up with yourself.... invest in yourself... sell yourself... stick to r.e. investing... you can reduce anyones mortgage to zero buy their home!
I honestly feel that most people do not have the financial discipline to pay off their mortgage early or send extra payments. The average family worries about the kids, thier jobs, life, stress, and everything else. Many don't make their own amortized chart for thier mortgages and credit cards. When payment is due, most write the check, put a stamp and mail it off. Plus this service offers direct debit biweekly, which is a feature that I believe will appeal to some, but not all. I love direct debit as half of my bills are paid directly out of my account and I don't worry about due dates or stamps. I get so busy sometimes it seems like a huge inconvience just to mail a payment and write a check, guess I'm spoiled by today's technology. I believe the small investment is worth the risk, but I still want feedback before anything. I am on track to get my real estate agent license and mortgage license. I think this will complement them and in long term may pay off. Any other comments out there?
The majority of lenders will now send the new homeowner an application to start bi-weekly, early-payoff process for free. Also, many banks are now offering free online bill paying, all you have to do is sign up and log your info.
5-10 yrs ago, this was a novel idea and people did make money selling the deal to homeowners. Now, it's too easy for the homeowner to setup themselves, and it's not new, most people know about it. Many simply don't want to do it.
I think you'll be wasting your money. If you want to sell the system, why do you need to sign up with someone? It's pretty simple really.
Roger
I have three mortgages myself, but I have not called the lender or anything like that. The company charges a few hundred dollars to get set up, which will not hurt me financilly. If I enter my own mortgages, the commission i'll receive will basically pay for the registration, so I'll break even. I know an insurance agent that wants to get in this also. If I get him under me, I'll get 30% commission overrides. He is an excellent salesman with over a decade experience and wants to push on this. Personally, for my own mortgages I'd rather them all be paid by auto debit rather than write three checks, three stamps, etc. It is just convenient for me, so I feel there are other people that feel the same. Commissions are great, but like everything its a numbers game. But with ads, internet, creating a sales group under me, and I'll be a real estate agent soon, I feel there are people out there that may be right for them, and it won't take much for me to get back my investment. But I'm now having second thoughts about this. I'm still undecided what to do.
I would pass on this. As Rajwarrior said, this was a great idea some 5-10 years ago, but now almost everyone can do this for free.
If I were selling this I would feel as though I was taking advantage of people, but thats just me.
I would pass on this even if you would break even on your 3 mortgages. That will be even additional savings if you set it up yourself. You can even do what they are selling with QUICKEN and online banking.
Happy investing
Adam
Thanks for all of your comments