Complaint Review: Nine Year Mortgage

Anyone ever heard of Nine Year Mortgage? They have an enticing radio ad on Sirius radio that promises to lower your monthly expenses by eliminating all your debt...in as little as nine years. They use words like "compound interest" and claim they have a special program that has secret mathmatical algorithms that allows them to be able to guarantee that you be completely debt free in the promised time or you get 110% of your money back! Seems to good to be true, doesn't it? It is. Unfortunately my fiancee was laid off recently and is struggling (as many are) to find another job. We are both military reservists trying to make ends meet on one full time paycheck and Nine Year Mortgage seemed like a promising solution.

After undergoing three conference calls that averaged 2.5 hours long to "qualify" for their program...which if you have any debt at all, you qualify. They never really clarify what services they offer and lead you that since their commercial claims they lower your monthly debt, they do this by working with your creditors to lower interest rates. Not so! Be aware that all Nine Year Mortgage does is pay your creditors every month by electronically drafting money out of your bank account. Well hell, my bank has Bill Pay and it's free. They pick one creditor with the highest interest rate and pays more to them. Their special financial plan to get you out of debt is no different than Dave Ramsey's snow ball effect for eliminating debt. You can do this yourself!

Want better finance tools? Sign up for mint.com, it also is free. If you ask to see Nine Year Mortgage's mock version of their financial plan and online account system prior to signing up with them, they won't provide it. They pray on those who are financially struggling and make their financial situation worse for their own financial gain.

Nine Year actually has a "refund committee" that only meets every Friday to make refund decisions. Let me tell you, they will never issue a refund, but try and swindle you out of more money by staying with their program at a "substantial savings". They always have an excuse why they still have not made a decision on your refund. We have filed complaints with the Utah BBB, the FTC and the Utah and Arizona attorney general. Our attorney has reviewed our contract with Nine Year Mortgage and has determined that we have been swindled. We  will still fight, even if we must file a lawsuit.