OfflineDoes anyone on here, have the "sub to" contract that people are using to do the new "Mortgage Assignment" (PAYMENT ASSIGNMENT) strategy? Basically you are buying the property sub to and then instead of holding it you sell the payment assignment contract to someone (wholesale or end buyer) for $8-$12k and you walk away leaving the seller with the buyer and the buyer is then liable and owner financed by the seller with the existing mortgage.
I was informed that all payments are assignable by law even if the (mortgage) note itself is not assignable. So using this info you can "assume" or "assign" a mortgage to someone if you want to but you have to do it by assigning the payments...not the actual loan (note).
I was presented with this strategy but of course you need to invest $2000 to get access to the contracts you need and the full details of the program. I don't need to program, I think most of us on here can figure out how to do it without spending $2k. I just need a solid contract that someone has received from this "course" or a contract that someone is using for a similar type strategy. You can PM me if you want or post your reply here.
Basically I am trying to put people with challenged credit that cannot get traditional financing right now into a home if they are deserving and in the same transaction I am helping a homeowner that is borrowed at close to 100% get out to alleviate their financial burden. These sellers cant sell their house with out me and the buyers cant buy a house with out me. It's a win-win-win and NO ONE IS DOING THIS RIGHT NOW! HINT HINT!!
As always, thank you to everyone for your insight and assistance!
Thanks,
Bernard
SKY Real Estate Services, Inc.
"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"
I've heard to stay away from mortgage assignments. Basically you're working with two parties already in a bad position: someone who can't sell their house and someone who normally doesn't qualify to buy it. You're coming in as a middle man and collecting a lot of cash. If anything goes wrong, you're really opening up yourself to a lawsuit.
In general, any transfer of title violates the "due on sale clause" of almost all mortgages. Although it may not be called, the lender does have that right. As such, it's a really risky thing.
- Tom
"I herd" insert negativity/falsies here
"she said" insert negativity/falsies here
"he said" insert negativity/falsies here
I have made the conscience choice to not let unqualified, unidentified non experts crush my dreams from the latter part of 2010 til the day I die.
......risk is part of the game we all play everyday...part of the law in my state says that if I bring a seller and buyer together on a transaction (wholesaling) that I am acting as a broker according to our state legal definition of a broker and if not licensed I can be fined $500 and/or up to 6 months in jail....is that going to happen cause I herd about it.....probably not.....so....Does anyone else want to reply and topic it in association to my original post?
I really would love to start to move on this because this is a huge untapped niche. Technically, its only a sub to with the seller and sale of that contract to the buyer....we all do this everyday anyway.
Thanks,
Bernard
SKY Real Estate Services, Inc.
"Money Doesn't Grow On Trees, But It Does Fall From The SKY!"