Beware of any direct mailing you may receive from Wells Fargo, Chase Manhattan, or even Bank of America that claims that they can help you pay down your mortgage quicker than usual by using the Equity Enhancement program or Accelerator program. The programs sound like bi-weekly mortgages by they are not! They simply withdraw funds from your checking account every two weeks since there are times when you will get paid 3 times in one month (which happens every 6 months); the third withdrawal will be applied as extra to principal.
In effect, you are simply making an extra payment because of your payment schedule. This is something that you can do on your own for FREE! They charged me $295 dollars to get on the program and there was also a $5.41 charge for the withdrawals from my checking accoun; that's about $65 bucks a year to have some company that is NOT, by the way, Wells Fargo or Chase-it is a third party contractor called Paymap, Inc or now called Western Union Payment Services. They could have all of your personal information and you wouldn't even know who they are.
I tried to get my money back after I found out what was going on but according to them, I was on their program for more than 6 months which voids my right to a refund. So, I lost my $295 and any of the money that I was charged for the withdrawals from my checking account. Save your money and your checking account info... Stay away from Paymap AKA Western Union Payment Services. You can make extra payments to your mortgage on your own for less money and less risk.
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