Posted on: 10th Jan, 2008 08:13 pm
I recently heard of elife financial and went to one of their presentations. Is this for real? Im trying to wrap my brain around it and find the scam. Does anyone have experience with this program/company and care to comment?
Concerned Citizen,
What makes you think the acceleration works if the company has to run their business like this? They are all similar enough and alltogether uneffective.
I still have yet to see any of these systems do anything, except cost extra money to the borrower. Simply paying extra to the 1st mortgages principle is all that needs to be done.
Please don't try to sell your program here, nobody is interested.
What makes you think the acceleration works if the company has to run their business like this? They are all similar enough and alltogether uneffective.
I still have yet to see any of these systems do anything, except cost extra money to the borrower. Simply paying extra to the 1st mortgages principle is all that needs to be done.
Please don't try to sell your program here, nobody is interested.
In a way you are right guest. if the product isn't good enough, only then can a business run like that. But may be they didn't market the product in the right way. Perhaps they didn't point out the benefits to the common people.
Folks,
What if we consider the other side for a minute? How does our economy look as a whole? How successful is the typical American family, financially speaking? Are people getting the financial independence our society was designed to create?
Seriously now! How much do kids pay for college these days $xxx,xxx. And what do they get, a degree in a given subject. For what purpose, to work and make money. How much financial education did their college give them, rarely any.
To sit and debate the value is silly; consider the reality of what has happened in other countries with this concept (Australia). We American's have been paying "big fees" for a long time to the big bankers in the form of Interest. And our lack of financial education has convinced us this is okay.
Frankly, mortgage acceleration is a good thing, da. If someone needs to pay higher fees to get the education and system (software) that shows them the way, better than they're likely to do on their own, I say "go to it".
What if we consider the other side for a minute? How does our economy look as a whole? How successful is the typical American family, financially speaking? Are people getting the financial independence our society was designed to create?
Seriously now! How much do kids pay for college these days $xxx,xxx. And what do they get, a degree in a given subject. For what purpose, to work and make money. How much financial education did their college give them, rarely any.
To sit and debate the value is silly; consider the reality of what has happened in other countries with this concept (Australia). We American's have been paying "big fees" for a long time to the big bankers in the form of Interest. And our lack of financial education has convinced us this is okay.
Frankly, mortgage acceleration is a good thing, da. If someone needs to pay higher fees to get the education and system (software) that shows them the way, better than they're likely to do on their own, I say "go to it".
I don't have a problem with someone that needs a tool to help them. Without tools we would not be where we are today and that is for sure... think fire...oooooohhhhh .... however it doesn't mean all tools are good though.
Typical mumbo jumbo for this sales pitch that we are now entertaining goes like the post above. A little rambling... then the Australia comparison... then a random truth that is really just obvious statements of fact that have nothing to do with the actual topic at hand.
But adding extra and useless fees to an already expensive mortgage (even at the best rates) is foolish. You can use quicken or any other financial software and the costs are minimal.
Paying off your mortgage is wise... "mortgage acceleration" when referring to heloc multi level marketing bs... is foolish.
I challenge you as with all the salespeople to prove me wrong. If you would like to see my thinking on the subject just do a search for the subject on this site.
Typical mumbo jumbo for this sales pitch that we are now entertaining goes like the post above. A little rambling... then the Australia comparison... then a random truth that is really just obvious statements of fact that have nothing to do with the actual topic at hand.
But adding extra and useless fees to an already expensive mortgage (even at the best rates) is foolish. You can use quicken or any other financial software and the costs are minimal.
Paying off your mortgage is wise... "mortgage acceleration" when referring to heloc multi level marketing bs... is foolish.
I challenge you as with all the salespeople to prove me wrong. If you would like to see my thinking on the subject just do a search for the subject on this site.
Eric – correct, there are lots of less expensive ways to eliminate debt, in theory; the easiest of which is just sending discretionary cash toward balances. However, stereotyping Middle America, few do. Why? No one has discretionary cash (Negative Savings Rate).
There is huge value in helping people commit, really commit. And even more value in helping people execute. I personally know several people who've bought Quicken (or comparable systems) and none of them followed through with the debt reduction calculation system.
All I'm saying is that results are key. If you want to debate value proposition, just add up the cost of not applying the concept.
There is huge value in helping people commit, really commit. And even more value in helping people execute. I personally know several people who've bought Quicken (or comparable systems) and none of them followed through with the debt reduction calculation system.
All I'm saying is that results are key. If you want to debate value proposition, just add up the cost of not applying the concept.
"However, stereotyping Middle America, few do. Why? No one has discretionary cash (Negative Savings Rate)."
Right and what makes you think, if they don't have extra cash, that this system will work. Because flat out... it doesn't work either way. It is funny that these companies say on one hand... you need to keep at it and have discretionary income... yet on the other hand you say.... It can help everyone even if you don't have the money.... Unbelievable
"There is huge value in helping people commit, really commit. And even more value in helping people execute. I personally know several people who've bought Quicken (or comparable systems) and none of them followed through with the debt reduction calculation system."
And if those people didn't have it in them just to pay their bills, they shouldn't have homes in the first place. What makes you think any system would make a lazy person do what they should be doing in the first place. Are you saying that the icon for this system being placed on a computer desktop would somehow entice them to use the system more than say an icon for Quicken or MS Money.... again your just blowing smoke, and not providing any real explanation for your beliefs.
"All I'm saying is that results are key. If you want to debate value proposition, just add up the cost of not applying the concept."
Or the savings by not being swindled... be real there is no value proposition.... there is value in paying off your mortgage, not in paying extra and very unnecessary fees. These programs are useless. PERIOD.
And where are these so called results. I'm still waiting for the smoking gun... maybe just a simple text file with a month to month like this is how much Mr. X saved on his mortgage. But you can't do that because that would prove my point. All you salespeople can say is "believe me... trust me... you need me... you can't do this without me..." Yeah yeah yeah, I have been in sales for 15 years, I have heard it all and have been taught every pitch there is. Your empty words will fall on deaf ears here.
Right and what makes you think, if they don't have extra cash, that this system will work. Because flat out... it doesn't work either way. It is funny that these companies say on one hand... you need to keep at it and have discretionary income... yet on the other hand you say.... It can help everyone even if you don't have the money.... Unbelievable
"There is huge value in helping people commit, really commit. And even more value in helping people execute. I personally know several people who've bought Quicken (or comparable systems) and none of them followed through with the debt reduction calculation system."
And if those people didn't have it in them just to pay their bills, they shouldn't have homes in the first place. What makes you think any system would make a lazy person do what they should be doing in the first place. Are you saying that the icon for this system being placed on a computer desktop would somehow entice them to use the system more than say an icon for Quicken or MS Money.... again your just blowing smoke, and not providing any real explanation for your beliefs.
"All I'm saying is that results are key. If you want to debate value proposition, just add up the cost of not applying the concept."
Or the savings by not being swindled... be real there is no value proposition.... there is value in paying off your mortgage, not in paying extra and very unnecessary fees. These programs are useless. PERIOD.
And where are these so called results. I'm still waiting for the smoking gun... maybe just a simple text file with a month to month like this is how much Mr. X saved on his mortgage. But you can't do that because that would prove my point. All you salespeople can say is "believe me... trust me... you need me... you can't do this without me..." Yeah yeah yeah, I have been in sales for 15 years, I have heard it all and have been taught every pitch there is. Your empty words will fall on deaf ears here.
Dear concerned citizen, i think that you are just a bit bitter. how about the rest of your company? how did you coworkers take it?
as far as high fees, i think that there is one rule in our life - if we don't pay, we don't appreciate it. even if you give me the best tools and accounts, but i haven't paid for it - i will not use them. that is probably why higher fees for this "equitystar" program would make sense. i have an expensive car, so i take good care of it, because i pay for it every month. if i won it in a lottery, i wouldn't probably care as much about it.
the same here, if it costs that much, then i will put it to use and will make sure that i will accelerate my mortgage.
as far as high fees, i think that there is one rule in our life - if we don't pay, we don't appreciate it. even if you give me the best tools and accounts, but i haven't paid for it - i will not use them. that is probably why higher fees for this "equitystar" program would make sense. i have an expensive car, so i take good care of it, because i pay for it every month. if i won it in a lottery, i wouldn't probably care as much about it.
the same here, if it costs that much, then i will put it to use and will make sure that i will accelerate my mortgage.
"if we don't pay, we don't appreciate it. even if you give me the best tools and accounts, but i haven't paid for it - i will not use them."
Agreed! If I use something, I must have appreciated it or else I don't use it. And quite right, if I pay for something in huge dollars, I woould surely take good care of it. After all, I'm using my hard earned money.
One of the posters above suggested that if a product is too good, it will do good no doubt, you don't need to worry about sales figures. A fine product coupled with a bit of promotion and marketing would be great indeed!
Agreed! If I use something, I must have appreciated it or else I don't use it. And quite right, if I pay for something in huge dollars, I woould surely take good care of it. After all, I'm using my hard earned money.
One of the posters above suggested that if a product is too good, it will do good no doubt, you don't need to worry about sales figures. A fine product coupled with a bit of promotion and marketing would be great indeed!
This blog just keeps getting more and more interesting. I can tell by some of the "guest" posts that we may have a few other Elife folks contributing based on some of the lingo I've heard being spread by the company owners.
To answer a question about my being "bitter". The answer is no. I'm very happy to have moved on to a better opportunity.
To answer the question about my co-workers and what they think? Well, over half, and probably closer to 2/3 of the loan officers have left Elife already or are on their way out. They have told the processors that they can't pay them for 6 months, and told the remaining sales staff to sell more product because they don't have enough money coming it to pay for all the things they are promising clients. Catch-22 anyone?
Yet, the CEO has a brand new Lexus, and let's his little assistant chauffeur him everywhere - no this young 30-ish guy doesn't drive himself anywhere. They blew all their money fancying up a building with etched glass and an overboard CEO office, complete with a large elephant statue, etc. But no money for staff salaries, product development, etc.
I think this is hillarious to watch a bunch of young kids running around in 3-piece suits pretending to be big-wig corporate exec's, doing the rah-rah garbage and "amens" at every meeting, and so on. The CEO did well in a direct sales company previously, but he doesn't have a clue how to run a financial services company.
I'm just getting started ... next we can talk about the legal issues. They have already broken many state and federal regulations, including RESPA violations. I didn't want to be their when the Fed's come raid the building, and it will happen at their pace.
Here's the bottom line: Acceleration is good. There's a lot more involved than just simply paying down your principal. It involves all your income and debt-load, and finding the best way to wipe out unnecessary interest as fast as possible.
Some people need a management system to keep them on track, and many don't. If you're good with money, I can show you how to use this concept to your advantage right now without buying anything extra. I just showed a client of mine today how to free up $700/month on her same budget, which she is going to use to wipe out other high interest debt first, then her mortgage afterwards. She's good with money and just needed to be set up. For those who aren't so wise, I can sell them a management program for around $2k that will tell them what to do forever. And it's not just a login to an internet based company, it's actually software that comes in disc form.
NOBODY needs to spend 2% of their loan amount on an internet-based login system that is still in beta-test mode. That's right, they haven't even launched the actual system, but are charging $4k minimum up to $20k for the same program.
Why should there be different fees for the same software? Exactly ... it's almost completely commission. And they pay this commission in a multi-level marketing system. What a joke.
They might be able to sell a few units for a time until the public becomes more aware of options. But at the rate they are going, I don't think it will even last that long.
Finally, I will not give my name on this post for several reasons, mostly because the owners of Elife are in scramble/panic mode due to their bubble bursting and I won't risk a backlash that could impact my standing with my new location. If you would like to talk with me privately about this subject, then leave your contact info here and I'll get in touch with you. I hope my information benefits the original post-er, and maybe a few others.
To answer a question about my being "bitter". The answer is no. I'm very happy to have moved on to a better opportunity.
To answer the question about my co-workers and what they think? Well, over half, and probably closer to 2/3 of the loan officers have left Elife already or are on their way out. They have told the processors that they can't pay them for 6 months, and told the remaining sales staff to sell more product because they don't have enough money coming it to pay for all the things they are promising clients. Catch-22 anyone?
Yet, the CEO has a brand new Lexus, and let's his little assistant chauffeur him everywhere - no this young 30-ish guy doesn't drive himself anywhere. They blew all their money fancying up a building with etched glass and an overboard CEO office, complete with a large elephant statue, etc. But no money for staff salaries, product development, etc.
I think this is hillarious to watch a bunch of young kids running around in 3-piece suits pretending to be big-wig corporate exec's, doing the rah-rah garbage and "amens" at every meeting, and so on. The CEO did well in a direct sales company previously, but he doesn't have a clue how to run a financial services company.
I'm just getting started ... next we can talk about the legal issues. They have already broken many state and federal regulations, including RESPA violations. I didn't want to be their when the Fed's come raid the building, and it will happen at their pace.
Here's the bottom line: Acceleration is good. There's a lot more involved than just simply paying down your principal. It involves all your income and debt-load, and finding the best way to wipe out unnecessary interest as fast as possible.
Some people need a management system to keep them on track, and many don't. If you're good with money, I can show you how to use this concept to your advantage right now without buying anything extra. I just showed a client of mine today how to free up $700/month on her same budget, which she is going to use to wipe out other high interest debt first, then her mortgage afterwards. She's good with money and just needed to be set up. For those who aren't so wise, I can sell them a management program for around $2k that will tell them what to do forever. And it's not just a login to an internet based company, it's actually software that comes in disc form.
NOBODY needs to spend 2% of their loan amount on an internet-based login system that is still in beta-test mode. That's right, they haven't even launched the actual system, but are charging $4k minimum up to $20k for the same program.
Why should there be different fees for the same software? Exactly ... it's almost completely commission. And they pay this commission in a multi-level marketing system. What a joke.
They might be able to sell a few units for a time until the public becomes more aware of options. But at the rate they are going, I don't think it will even last that long.
Finally, I will not give my name on this post for several reasons, mostly because the owners of Elife are in scramble/panic mode due to their bubble bursting and I won't risk a backlash that could impact my standing with my new location. If you would like to talk with me privately about this subject, then leave your contact info here and I'll get in touch with you. I hope my information benefits the original post-er, and maybe a few others.
Hi concerned citizen,
I understand what you're trying to say. Thanks for sharing all your experiences with us here.
"They might be able to sell a few units for a time until the public becomes more aware of options. "
I agree with you in this regard. Once the public comes to know that your product isn't worth going for, none would spend their hard earned money to purchase it, That too, someone paying $4K whereas the other person paying $15K for the same product!
Samantha
I understand what you're trying to say. Thanks for sharing all your experiences with us here.
"They might be able to sell a few units for a time until the public becomes more aware of options. "
I agree with you in this regard. Once the public comes to know that your product isn't worth going for, none would spend their hard earned money to purchase it, That too, someone paying $4K whereas the other person paying $15K for the same product!
Samantha
Wouldn't it make sense for the customer to come up with their own reasons for value? I certainly wouldn't pay $20,000 for anything if I didn't find value in it. I once had a client that made $140,000 a year and lived in a $400 a month apartment and rode a 10 speed 10 miles to work everyday. Where did his money go? He spent $$$'s on engineering books. I think it ludicrous... but he found value in it.
Just like I would never spend $50,000 on a car no matter how much money I made. However, would I take that same money and spend 6 months in Bora Bora for a once in a lifetime vacation, you bet your butt I would. Would my wife let me buy her at $25,000 diamond ring even if we were extremely wealthy, hell no, she finds NO value in it.
Everyone can debate all day long on cost, but value is what needs to be discussed. There are numerous free tools available to anyone for everything. You can go down to your local library and learn everything you need for free on ANYTHING. Same goes for acceleration, equity repositioning whichever.
The key is, will the client act upon the tools given to them, that's it... end of story. As long as you are making the client better financially and they sleep better at night, I don't care what you are doing.
Just my 2 cents (which, for what it costs to make pennies, guess not much ;)
Just like I would never spend $50,000 on a car no matter how much money I made. However, would I take that same money and spend 6 months in Bora Bora for a once in a lifetime vacation, you bet your butt I would. Would my wife let me buy her at $25,000 diamond ring even if we were extremely wealthy, hell no, she finds NO value in it.
Everyone can debate all day long on cost, but value is what needs to be discussed. There are numerous free tools available to anyone for everything. You can go down to your local library and learn everything you need for free on ANYTHING. Same goes for acceleration, equity repositioning whichever.
The key is, will the client act upon the tools given to them, that's it... end of story. As long as you are making the client better financially and they sleep better at night, I don't care what you are doing.
Just my 2 cents (which, for what it costs to make pennies, guess not much ;)
Hi Guest,
Welcome to the forums.
In a way, I do agree with you. If I don't find the value in something I wouldn't spend my hard earned money into buying it. :) As simple as that!
well, I guess you are new to this community? why don't you join the community and earn rewards while you share your views and help people with your knowledge?
I think it will be fun visiting here!
Take Care
Welcome to the forums.
In a way, I do agree with you. If I don't find the value in something I wouldn't spend my hard earned money into buying it. :) As simple as that!
well, I guess you are new to this community? why don't you join the community and earn rewards while you share your views and help people with your knowledge?
I think it will be fun visiting here!
Take Care
hi,
i have not used them myself but i have heard positive things about them:)
Riko
i have not used them myself but i have heard positive things about them:)
Riko
I had some friends go through them for a loan and ended up purchasing a loan program something named equitystar. It cost them 6500.00 and they have not really used it because there were so many glitches. They do not recommend this product and said it was just as easy to make some extra payments or with some homework and FREE advise from their bank, they could have set up a similar structure and saved alot of money and frustration.
I say; if it sounds too good to be true then it probably is and make sure you know what you are getting yourself into. Take time to think about it, don't make quick snap decisions when put under pressure like my friends were by the loan officer that was helping them from this company.
Buyer beware.......
I say; if it sounds too good to be true then it probably is and make sure you know what you are getting yourself into. Take time to think about it, don't make quick snap decisions when put under pressure like my friends were by the loan officer that was helping them from this company.
Buyer beware.......
Newsflash ... eLife's empire is crumbling. Even though I was smart and got out a few months ago, I know people on the inside still and they have let go half of their corporate staff, or sent them back to be commissioned salespeople since they can't afford salaries any longer. And, they just told their entire company that their plans are being put on hold for at least a year due to "market changes". Basically, they don't have the money to fix or expand their product. No sales - no money.
Also, they still have realtors working as loan officers in the company, and this is illegal since they do FHA loans. HUD will not allow any COMPANY do FHA loans if ANYONE in that company holds a real estate, appraiser or other related license. Just a matter of time before they lose that certification permanently. Plus they are paying 1099 on FHA loans, which is also illegal.
Stay away from eLIFE (formerly Lighthouse Financial Group). This company will be gone soon.
Also, they still have realtors working as loan officers in the company, and this is illegal since they do FHA loans. HUD will not allow any COMPANY do FHA loans if ANYONE in that company holds a real estate, appraiser or other related license. Just a matter of time before they lose that certification permanently. Plus they are paying 1099 on FHA loans, which is also illegal.
Stay away from eLIFE (formerly Lighthouse Financial Group). This company will be gone soon.