What Have You Heard About Mortgage Assignments

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I have been hearing the buzz about a program called Mortgage Assignments lately and am wondering how valuable the source of actually being successful in assigning a mortgage to people who can not pay their mortgage assigning them to people who can not get a loan? I like what I hear in the training videos, but I wonder if this is another real estate scam that gets your money for materials and contracts you can not use?











Comments(15)

  • jfmlv19504th February, 2011

    From what I see from the advertisements and an answer I received back from Phill, it is simply a course teaching Subject To investing and assigning that contract to your new buyer.

    My only concern is the loss of control of your buyer after the assignment which may expose your seller to a default situation.

    When I’m doing a “Sub To” deal, I want to protect my seller, which protects me, because I signed a contract with them and feel I have an obligation to them.

    John (LV)

  • JohnLocke4th February, 2011

    Well John (LV),

    Why would anyone make a Mortgage Assignment after they took over a property using the Sub 2 method.

    The only reason I can see is they want to give away the majority of profit when doing a Sub 2 deal. In my opinion not a very smart way a creative investor makes the most profit.

    John $Cash$ Locke
    [addsig]

  • cdnsi4th February, 2011

    The subject to is different form the mortgage assignment. The MA is assigning your mortgage to a buyer with poor credit and you would assign your mortgage to protect your own credit. (Correct me if I am wrong) I agree that I would want to keep control of the deal and work in the best interests of my client(s).

    Thank you both for your comments.

  • jfmlv19505th February, 2011

    Cdnsi

    I would suggest you go back and revisit Phill’s first training video where he is explaining a simplified deal on the blackboard. You will see he is purchasing the property “Subject To” and then assigning THAT contract (the one between the investor and the seller) to the new buyer, not the lender’s mortgage contract.

    Only the lender can assign (or sell) their own mortgage contract, which is done all the time.

    This is why an attorney/broker/investor in an email to me has stated he believes Phill misnamed his program and should be considered a Payment Assignment Program vice a Mortgage Assignment Program.

    John (LV)
    [ Edited by jfmlv1950 on Date 02/05/2011 ]

  • cdnsi7th February, 2011

    I have reviewed the video and I understand more mow. I can see deals doable and I can do them easily with a FSBO right down the street from where I live.

  • jfmlv19508th February, 2011

    Let us know how it works out.

    John (LV)

  • savana25th February, 2011

    The same I am thinking and looking for the better deals and updates. I mean there must be some benefit that will be necessary.

  • oroper21st April, 2011

    Great Post cdnsi: I reviewed the link that you posted, great information.

  • cdnsi26th April, 2011

    Thank you cjmazur this is exactly what I meant to say in my response.

  • savana29th April, 2011

    Quote:
    On 2011-02-04 20:33, cdnsi wrote:
    The subject to is different form the mortgage assignment. The MA is assigning your mortgage to a buyer with poor credit and you would assign your mortgage to protect your own credit. (Correct me if I am wrong) I agree that I would want to keep control of the deal and work in the best interests of my client(s).

    Thank you both for your comments.



    Yes it is the same and it is like assignment of a mortgage is a document which indicates that mortgage is transferred from the original lender to borrower of the third party.

    It is commonly a document which is being shared and given when lenders sell mortgages to other lenders and it is seen commonly.

  • savana24th May, 2011

    It is better to understand first about mortgages and then it will be much better to look for the assignments that needs to be done well.

  • LeaseOptionKing30th May, 2011

    In my opinion, the marketing of this program borders on fraud. Taking sub2 and repackaging it is fine; however, this is being sold under the premise that it is a mortgage assignment, and it is nothing of the kind.
    [addsig]

  • savana1st June, 2011

    Yes, at certain times lenders are not agree but, still one can get the benefit of having the assignments.

  • joel12th August, 2013

    lhenly,

    What is the AMPS you are referring to?

  • cjmazur6th October, 2011

    file BK. Get a forbearance. and I have seen some rehab lender come up with some cash, and bury it on the back end in the loan.

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