Mortgage assignments

Mortgage assignments

Has anyone completed any Mortgage Assignments? From my understanding it is a house that we would put under contract that is "unbuyable" or right at the fmv of the house.Then assign the contract to a person that cant buy a house traditionally. and supposedly make 10k on each deal. I listened to Phill Grove's webinar and he spoke about it but was real short about it because of course he was trying to sell a package of classes.

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We're looking also

We looking also for information on going through this process. We've set up the business and 800 number, and ordered the signs. Have the business cards and the Prop Stream software available from Dean. The information it brings is overwhelming to beginners so we're looking for help in figuring it all out.

Rick & Peggy

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Rick & Peggy
Eagles Crest Properties


Cant find anything of this anywhere

Can anyone fill us in?

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Doing homework/ wanting to start next wk.

Hello everyone. Thankyou for being here. I plan on getting started next wk so Ive started looking online for motivated sellers. Im BRAND NEW & a bit nervous. The ad im reading says " Motivated Seller,Will Carry Paper ,In other words WHAT EVER MAKES THE DEAL WORK, WILL WRK WITH AGENTS. HOME NEEDS NO REPAIRS,PROP JUST UPDATED." MY intent is to look for my 1st assignment deal. what does "WILL CARRY PAPER" MEAN????? Please help and does this ad sound like what I should be looking for??? Thankyou


will carry paper

That just means its "Owner Financing" paper is a note or mortgage.

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Doing homework/ wanting to start next wk.

Thankyou for the answer. I wish you luck on your journey.


Doing homework/ wanting to start next wk.

Thankyou for the answer. I wish you luck on your journey.


contract assignments

Any property can be sold through an assignment contract. An offer is made to the seller, with provisions in the offer that allow it (the offer, once it becomes a contract) to be assigned to another buyer. When the buyer (you) and the seller agree on the terms of the offer, and all paperwork is signed, it becomes a contract to purchase the property. Then you, the investor, finds an end buyer (assignee), and writes another agreement to assign the buyers rights in the contract to that buyer (assignee) for a greater amount then the original contract. All paperwork is given to a closing agent (title company, lawyer, etc.). The closing agent, using the instructions in the signed contracts, distributes the funds as instructed. The end buyer supplies the funds as described in the assignment contract. The seller gets the funds from the original contract, and the differance goes to you, the investor, as instructed in the assignment contract.

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mortgage assignments

This is supposed to be easier to get a 10k profit.It is said to be easier cause your assigning to buyers that have bad credit and you can charge more than the you got it for yet the seller still gets close to their asking price.

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wrap around mort?

Are you refering to a wrap around mortgage? This is done by keeping the original mortgage in place, and having the buyer pay an amount that is higher than the original mortgage. There is some risk in doing this.

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Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

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Alchristmann

What are the risks you mentioned?

Here's my deal. I currently rent from a very motivated seller. (we rented with the agreement of intentions of buying at a later date which would preferably be now, before April 30) In talking with seller last week, I've learned that he has a cash flow problem. He can not buy the bigger house he's residing in, until he sells this one. Here's my question....Due to credit I would like to do a lease purchase. Will a lease purchase contract free up the money he needs (thru the banks eyes) so we both get what we want?

Anyone pls. advise as we're running out of time.

thanks,
Phoenx

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phoenix777

The risk in a wrap around mortgage is that the buyer is making payments to the seller, who is continuing to make the payments on the original mortgage. If the seller pockets the payments from the buyer, and does not make the mortgage payments, the buyer is out all his payments when the lender forecloses. Also there is probably a clause to prohibit wrap around mortgage in the original mortgage paperwork. If the lender finds out what is happening, they may make the ballance due immediatly.

Many lenders will consider lease income when qualifing a borrower. The lease contract, in that case, would allow for a larger mortgage amount.

Al

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Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.

Frank Outlaw


This is what I was asking about

A program of Phill Grove

It's called "Mortgage Assignment."

(This exciting strategy will be just ONE of 12 unique and
different investing strategies that will be taught on my
call tonight.)

As you'll hear on my call, Mortgage Assignment is one
of the best, easiest, and most lucrative investing
strategies for the current market we're in. In fact,
it's THE PERFECT investing strategy for today.

Here's why:

With Mortgage Assignments, you are simply offering
un-sellable houses (which there are a LOT of right now)...
to un-loanable buyers (which there are also a LOT
of right now).

Sellers LOVE this strategy because it's a quick and
easy way for them to sell a house that they've had a
hard time selling. (This strategy works great even
if their house has little, no, or even negative equity!)
And they are able to sell their house fast for near
full market value! (How many of these types of sellers
and properties are out there right now??)

And buyers LOVE this strategy because it's an easy way
for them to buy a house WITHOUT qualifying for credit...
and WITHOUT making a large down payment. (These types
of buyers are everywhere, because as you know, it's
very difficult to buy a house today with conventional
financing... even if you have good credit and a 20%
down payment.)

Each time you do one of these Mortgage Assignment deals
(you can easily do 10 or more of these deals a month)...
you earn approximately $10,000 a pop!

AND... it does NOT cost you any money whatsoever to
implement this Mortgage Assignment strategy! This
is truly a "no money down" strategy!! (Even the
marketing to find leads for this strategy is NO COST...
because it involves using Craig's List!)

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One question....mortgage wrap

When would you get paid the 10k. I mean if the seller doesn't have money and the buyer doesn't have money and they are doing a mortgage wrap...when does your find fee for 10k come into play? Does anyone have a sample contract for this? Also, for a protection to the buyer...couldn't the monthly payment be paid straight to the mortgage holder with the difference paid directly to the seller via two money orders to show payment?

Fill me in... I am interested in learning more.

Dizzy


@dizzyDrln :

The Buyer has to have money pay the 10K. Because the end buyer does not have to qualify for a bank loan due to the fact that the seller is providing financing on his home they have to have some skin in the game and that usually happen via the 10K down payment.

We usually use a third party loan service company to protect both the buyer and seller, but the buyer can pay the lender directly as well.

As for a sample contract they are different for every deal because each seller has different needs, refinance times, etc. But I do have a few sample contracts on my website: http://mortgageassignmentsuccess.com


Assignments

Rusti,

Assignmeenst are not only done on properties that need work. If you could negotiate a great deal on a property but you dont have the means to close on it yourself, you can assign that contract to someone else for the assignment fee. I would think that this strategy works best on houses that need rehab, by assigning the contract to a contractor or someone who flips houses.

If you found a house where the owner was very motivated for one reason or another, you may be able to negotiate a great price for the property. If you have a buyers list, you would then contact that list and offer your contract to someone else for 5 or 10K.

My point is that it doesnt only have to be on properties that needs rehabbing.

Mark Lawless
New Jersey


Assignment of mortgage

Hi everybody,

I don't get a chance to talk too much on these forums, but I do enjoy reading them on a weekly basis. For me my strategies that focusing on is Greg Murphy lease options and a big thanks to Dean for bringing us together. Assignment of mortgage is something new. I've been learning about or reading about something similar to what I've been doing lately is cooperative lease options, also known as wholesaling lease options , so little twist on Greg Murphy's lease options, but without the risk. Better a fast nickel, then the slow dime! It's been difficult finding homes with any kind equity in them. Most properties oh more than what they are appraising for but I do find homes that are at breakeven, which is what am looking for a beginning 3 1/2% as my option fee my my buyer usually needs. about 6 to 12 months to get mortgage for my buyer with an extension of about six months. I've been doing this for the last eight months in this is been working great for me. I'm averaging now close to two a month and this is just working in a small area my town in Florida. I'm having a website built to go out and do it virtually from anywhere in the country. I learned a wholesale lease options from the person I met her name is Wendy Patton.

Thanks
, Reuben
Vero signature homes,LLc


Rehash

Phil is just packaging it nice and marketing it twice. This method is not new and unique. It is nothing more than buying "subject to" the existing terms of the loan in place. However, that loan probably has a due on sale clause or acceleration clause that allows the lender to call the entire loan due and payable if the property is sold. Will the lender do that in the current environment? Probably not, but the possibility exists. If the lender calls the loan due, the "unloanable" buyer is in no position to get a new loan to buy the property traditionally and the seller is in no position to pay off the loan on his "unsellable" house, and ends up in foreclosure. It is a viable way to buy property, but there are a lot of issues in disclosure and insurance, etc. The seller has to realize that the loan will remain in his name and no one is assuming responsibility to pay it off. As such, if the "unloanable" buyer who had bad credit to begin with starts missing payments, he can trash the seller's credit. Not as simple as assigning a straight purchase and probably not suited for the novice investor.


New beginner

Im having a hard time getting o hold of an academy agent I've had read most of his material I just ned guidence on were to go next to get started.if anyone is willing to help plz message me I'm trying to by as many properties as possible and possibly partner up with someone please teach me the ropes,

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BUMP

More mortgage assignment talk...

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Talk IS Cheap!


I feel that this is a great

I feel that this is a great strategy for new investors to use but I wish we had more information about all the steps we should take to make sure everything is disclosed to the seller and buyer, so they know all the possibilities. Did anyone here purchase the Phil Grove Market Assignment Profit System to get all of his videos and everything else regarding mortgage assignments?

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Travis Vinje

"Knowledge is Power!"


Mortgage Assignments Illegal?

I've been hearing about these lately, but then I got this link in an email today that stated that they were illegal. I haven't gone there yet, so I don't know exactly what's there, but I'm just throwing it out there.

http://www.mortgageassignmenttruth.com

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Thomas

This post is food for serious thought and we must not find ourselves doing a deal without regard for the consequences to buyer or seller. That is why it is so important for us to be deligent and thoroughly qualify our buyer..income, solid work history, length at previous residence, etc. The FICO score is important, but ultimately the credit report should be examined. If the buyer dances around about providing his/her CR that should be a red flag. Bad, temporary things happen to good, qualified people and their score goes down. Just investigate to determine if it was job loss, medical problems or some other legit reason. I hope this is helpful. I hope each and everyone of you have a very successful 2011.

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We seldom get what we want, but we will always get what we expect.


Mortgage assignments

I have tried to do some research on mortgage assignments, and what I have found makes me uneasy on promoting the mortgage assignments. There are to many risks involved with out a good solution. They say the best sellers for mortgage assignments are owner of properties that are hard to sell or that maybe underwater, and the buyer are ones that can not qualify for a bank loan. They also say if there is a due on sales clause exercised by the lender that the new owner should do a refinance. They did not go through a bank because they could not qualify for a loan in the first place, or the home would never appraise for the amount owed. These things just do not add up to me.

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Great info

Those are great words of inspiration to me ty


WHATS A MORTGAGE ASSIGNMENT

I KNOW EVERYONES TRYING TO UNDERSTAND THIS MORTGAGE ASSIGNMENT PROCESS..
PHIL GROVE IS TRYING TO MAKE MILLIONS THINKING HES DEVELOPED SOME NEW SYSTEM, THATS NOTHING NEW AT ALL.

MORTGAGE ASSIGNMENT IS BASICALLY BUYING A HOME SUBJECT TO THE EXISTING MORTGAGE. WHAT YOUR DOING IS TAKING OVER A MORTGAGE,FROM A SELLER,THAT IS IN A SELLERS NAME,AND TRANSFERING THE DEED TO YOU,OR THE NEW BUYER. DEED GOES IN YOUR NAME, BUT MORTGAGE IS STILL IN SELLERS NAME,AND YOUR ASSUMING IT,PAYING THE MONTHLY NOTE.

THIS IS NOTHING NEW, BUT PHIL GROVE IS CALLING IT SOME FANCY NAME MORTGAGE ASSIGNMENT, AND CONFUSING PEOPLE WHO THINK ITS SOME NEW PROGRAM.

THATS ALL THAT IS


MORTGAGE ASSIGNMENT PART 2

It's basically a "Subject to". The deed is transferred into the new person's name who is paying the monthly payments for the loan. Simply put, the mortgage stays in the sellers name, and the buyer gets the deed to the property, and will continue to make monthly payments on the existing loan. A down-payment is required, which in most cases brings the loan up to date


Thanks

Thanks for bringing us up to speed on this subject. I could not put my finger on it but I just had a feeling that focusing on "mortgage assignments" was another "goose chase" or a road that leads to nowhere (and I have been on a few of those, lol, and lost a LOT of money in the process).

I'm glad that I have found something that works and a terrific teacher in Dean and some terrific guides to help me learn the ropes and "walk it out".


Assignments Deals

I found an awesome deal on a property that is not on the realtors radar yet. The original mortgage company that had it went under in 2008. The owners abandon the house six months after purchasing it, 2008. The new mortgage company is out of state and has let the house sit vacant for two years. Unfortunately I don't have the funds to purchase the property myself. How do I make a deal out of this without putting the property in my name? Any advice?

Julie


From all my reading,

it appears that mortgage assignments are simply a "subject to" purchase and resale. It's called a mortgage assignment because it sounds like a new program and a someone can act like they're a new "guru".

So I'm going to start a new program and call it "elevator positioning". (Don't tell anyone that it is really a sandwich L/O that I decided to rename. Ssssshhh.)

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Bill, that didn't really

Bill, that didn't really help me. Got anything else?

Julie


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