OfflineI was just wondering. There been some talk around here about Mortgage Assignments. Has anyone out there in DG land heard of this or have any experience on this type of assignment?
Any good or bad feed back?
Gene.
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"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
hi Gene-
I came here just to see what anyone might be saying about this too. I sat in on a webinar just last night and the idea seems to be too simple. It would be great if it works like they state. I really would want to know the legality of doing this and getting around the due on sale clause many banks include in their mortgage. Any feedback please keep me in the loop-
Amy
I think we were probably both on the same call. I listened in at 2PM. Your right it sounds to easy. What worries me is that if the seller is upside down on the property who would be interested in taking over a mortgage payment on a property that is already over it's fair market value and pay you a assignment fee to boot?
Properties will start to appreciate but there are some houses that are way over and it would take a long time to get back up to what the current mortgage amount would be considered fair.
As for the "due on sale" today banks are really more interested in getting paid. There not really even talking about that right now. At least in my experience.
Have a great day!
Gene
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler
Hi again Gene-
I was on the call late last night. Thinking about how this might really work kept me up too late. Anybody putting down any money would want to know for sure they own the property. The mortgage remains in the original borrower's name it seems too easy for the buyer to default and the owner still on the line for the note. I guess like they said on the call that it is the lesser of all evils when homeowners are facing foreclosure. I know banks only care about the payment coming in but the legal end of things still seems a little shakey. As with everything this system probably works better with some properties than others. Anything too underwater would need some kind of mortgage revision. I do not have $1000 to pay to find out what their system actually does. I trust this website to be very honest and forthcoming in providing rei information. Just like you I am searching for the truth-
I will stay in touch-
Amy
What I have found is that the DG family most of the time has the information you need to do all of your real estate deals. And if you own the books and follow what Dean teaches in them you can't go wrong. The books has all the ways to do just about any RE deal. If you pick a student like Grey Murphy for instance and follow his techniques you'll do well. Or any other student for that matter because they are following Dean's steps. That where the secret comes in.
Like you I don't have 1000.00 to find out. The way I feel is if I follow what Dean teaches in his books, in the Success Academy I know that I will succeed.
Have a great day.
Gene.
"It's not what happens to you that determines how far you will go in life,
it is how you handle what happens to you.
Zig Zigler