Important Facts to Be Understood
if you are living from check-to-check, you will not benefit from this program. It is your excess monthly income that allows the MP program to reduce your mortgage over time.
Note: you can build discretionary income by using your BLOC to consolidate credit card and other related debts: this topic will be discussed in next slides.
the more discretionary income that you generate (by budgeting and savings), the faster the payoff. We have suggestions on building more discretionary income.
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maintaining a bill payment system on your PC such as Quicken or Money can help manage your account activity. Again, you will use your BLOC for all income deposits and expenses payouts.
- The BLOC will advance $5,000 to reduce your mortgage loan balance.
- You will then use your discretionary income over time to reduce the $5,000 advance.
- When the balance drops below $500, you will advance another $5,000 from your BLOC to reduce your mortgage loan balance.
- Repeat the process until your mortgage is paid off.
You may use
the MMA software to manage your account. When the BLOC balance has reached a mathematical level as determined by the MMA software, you will be instructed to make another lump-sum payment to reduce your mortgage loan balance.
You can reduce your mortgage loan payments by 1/3rd or more by following the software's instructions.
Your BLOC account will never increase above a threshold as determine by the MMA account. Once you make a lump-sum payment to reduce your mortgage, the MMA account will not instruct you to make another payment until you reduce your BLOC account using your discretionary income.
You can review how the MMA software works in the next section: click here |
