How does the John Cummuta debt reduction system work?
boredatwork asked:
http://www.nightingale.com/LandingPages/tpromo_tdiwl7.aspx
There are supposedly forms you can complete that enable you to apply more to the principal (less to the interest) without exceeding your normal monthly payment. I called my mortgage company; they said there are no such forms and that the principal and interest are amortized throughout the 30 years of the loan… That the amoritization schedule could not be altered… That you could only reduce your principal by paying more than your monthly payment (and indicating that the extra should be applied to principal). If that’s so, how could the system possibly work? They (John Cummuta) told me I could pay off my 30 year loan (27 left) in 7 years.
Sandy
http://www.nightingale.com/LandingPages/tpromo_tdiwl7.aspx
There are supposedly forms you can complete that enable you to apply more to the principal (less to the interest) without exceeding your normal monthly payment. I called my mortgage company; they said there are no such forms and that the principal and interest are amortized throughout the 30 years of the loan… That the amoritization schedule could not be altered… That you could only reduce your principal by paying more than your monthly payment (and indicating that the extra should be applied to principal). If that’s so, how could the system possibly work? They (John Cummuta) told me I could pay off my 30 year loan (27 left) in 7 years.
Sandy
2 Responses to “How does the John Cummuta debt reduction system work?”
By Ask M on Dec 17, 2008
never heard of it, first check with your mortgage company
to see if there are any penalties for paying off early and
just send extra money into your mortgage payments
each month.
By haggamuffn on Dec 18, 2008
I think the old adage “If it sounds too good to be true, it probably is” might well apply here.
There are any number of supposed programs available that can make you debt free, but I am rather leery of buying into any of their claims. I think doing it the old fashioned way, via paying in a timely manner and applying extra to the principal when you can, would be your best way. Your mortgage company would know the particulars of your loan, and the information that they gave you when you called them seems more realistic than a claim from an unknown entity.
Just a shot in the dark here, but I am pretty sure that this program you referenced is only available to you if you pay for it? It would probably benefit you most to take the cost that they would charge and apply it to your principal.
Have a good day!