Mortgage assignments

My comment was in regards to the original posting asking about mortgage assignments and wasn't directed to you. Your comment really needs a new posting so the membership can see your question. It gets buried in someone else's post.

Did you check to see if the owners are behind on their taxes? Because if so, you could pay the taxes and possibly get it that way. Or, try to market it to other investors? I'm sure there are tons of other better answers, but these were just some thoughts.

Bill, HAHAhaha.

It just looks too fishy to me...You have a buyer with "bad credit" a seller "in trouble" and you are supposed to walk away from a deal with $10,000?

Like my Grandfather used to say..."If it looks like a dead fish, smells like a dead fish...then sonny boy, IT'S A DEAD FISH!!!"

I wouldn't want to attach my name or my company's name to anything like this that has potential "fraud" written all over it...What is it they say, "Character is everything"...I hope no one gets in trouble from this.

Be Careful out there all!!

Jon

Phill Grove use's his lawyer Mr Torok to complete all of his deals so all his deals are legal, I just cant see paying $1000 upfront and $97 a month for a program, really all I need are the contracts, I can use his own lawyer to close my deals..........

I know this isn't the right post for this talk guys but I just thought I would give what guidance I can.

If it is an REO and has been for two years than it should be on the MLS. What I would do is go to your county recorders website and search the title on that address to find the current owner. Is it a bank's name or an individual? If an individual then he/she still owns it and you could probably get it very cheap. You may have found something that somehow (possibly due to the bank buying the loan or merger or whatever the case may be, slipped through the cracks and didn't get foreclosed on. If so you should be able to get that real cheap from the owner that obviously isn't doing anything with it. Maybe he thinks the bank owns it.

Best of luck with that.

BTW when posting in the forums it is best to look for the category most closely related to your question/comment. It takes a bit to learn your way around the site.

Welcome
Steve

Ahhhhh. See now I've been looking all over the site asking folks what is the difference between this and what everyone calls a "Subject To: deal. Well it appears nothing.

Of course if that's right then how come nobody is saying that "Subject To's" are shaky, risky, etc.?

I have been so interested in this because it seems so perfect for the times but I just wanted to find out HOW it is we get around the "Due On Sale" clause. Now I was just on another site where they had free legal forms and their contract for Mortgage Assignments calls for a signature from the lender. Requiring the lender's authorization of the assignment. That makes sense. So far, to me, nothing else does where these strategies are concerned.

If anyone has more info on this or a better understanding of how people are getting around that clause, short of just not including the lender at all, please help all of us out.

This subject has been crazy making!

Please I'm begging.
Steve

Hey Bill let me know if you can use a testimonial for the new course.

Steve

Thanks for the offer.

But really, the only difference between mortgage assignments and "subject to" is the exit strategy. Mortgage assignments are the quick A to B to C with you being the B assigning the home to C once you work with A to get control. Subject to is a longer term A to B where you control the property for resale, lease option or long term holding

Thank you for youre comments, it is very clear while I was reading comments and try to figure out how it really works. I am new also and interested on the assignment but could not get the process step by step.
Please help! I want to know when it comes to the end buyer to pay the investor for the profit he make, is that what you talking about there is some down payment money that the end buyer will come up with? especially if there is no equity in the home?

in an assignment you get control of the seller's house through a process called "subject to" and then assign the deal to the end investor for X amount of money. Sometimes equity doesn't need to be in the home to do this as the end buyer would just like to have a home that he doesn't have to get qualified for a loan. BUT BE CAREFUL. Anything to do with "subject to" homes is not for the timid as there are plenty of pitfalls if it isn't done correctly.

That one comment cleared up a lot for me.

I'm thinking of having a local RE attorney go over this strategy with me to see if there's a way to write this up so I can put together "an unsellable home with an unlendable buyer" as Phil Grove (the AMPS guy) says.

I'm not in a position to buy another course for $997 to learn it from him.

Steve

This will be my first mortgage assignment and I have a few questions. What paper work is used for this transactions and what other parties are needed to make it official as in title company or real estate lawyer? Thanks