Mortgage Assignment/Subject to Financing Rackateering Product Launch


Real Estate Info-marketer who have been or currently still taking part in a product launch or the promotion of “Mortgage Assignments / Subject to Financing” can be considered Racketeers .   Racketeering is the act of operating any scheme in order to make a profit, perpetrated by a structured group !   The product launch for Mortgage Assignments was a highly organized “event” for promoter to profit from putting real estate investors into a position that would endanger them legally.  Touting Mortgage Assignments as the latest way to get rich quick, fast money,under the guise of a scheme that is mail, wire, mortgage and insurance fraud!

Racketeering encompasses fraud against businesses or individuals. Governments can be victimized by racketeering and Racketeering does cover actions of  legitimate businesses.

http://www.law.cornell.edu/uscode/html/uscode18/usc_sec_18_00001961—-000-.html

What I see is those that are promoting this are now out in the open as either uneducated in real estate, or simply “Info-marketers” who have no concern over your success.

In another example with Karen Hanover, info marketers had explained their ignorance on the fact that Karen Hanover presented false credential to them.. Ok.. so they did not do a back ground check… HOWEVER with Mortgage Assignment/Subject to Financing. they should know better.  Simply going off the word of the promoters “title attorney” and one info marketer who has an law degree that has not been used in years.. is not sufficient to base a decision on. These guys are profit motivated. They could care less about you!

Stick to the legal ways to do real estate investing. Ignore HYPE of any new product launch.  If its to good to be true.. it is.

Please don’t tell me that just because you wrote a “disclosure” letter that its legal.  It does not work that way!

If you have received any email from anyone promoting Mortgage Assignment/Subject to Financing, please post their name on this post, so others can be warned that they are scammers!!

 

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14 thoughts on “Mortgage Assignment/Subject to Financing Rackateering Product Launch

  1. Matthew Pape

    I did receive a lot of e-mail links to webinars about this HOT NEW ITEM

    The main ones I do remember for a fact are Tim Mai, Preston Ely, Nathan and Chris and Than Merrill.

    Now the two that I am extremely surprised about are

    1) Than Merrill – Personally I like him. I think he’s a good dude. What shocks me is Than is thorough and goes over everything with a fine toothed comb. I can possibly give him a pass on his promotion of the Commercial Goldrish because I’m sure he just agreed to do it due to DC Fawcett’s reputation. After the cluster *blank* that happened with the course and scamover, you’d think he’d pay attention to anything new that’s being promoted and pass it to his Attorney’s for verification before promotion. Well aparently not.

    2) Chris McLaughlin – Speaking of Attorney’s, even though he’s primarily an investor, isn’t it his job to be thorough instead of promoting things all willy nilly? He’s in good standing with the Florida Bar (checked online). Since the test is kinda hard from what I hear (feel the sarcasm), would you think he’d like to be careful and not do anything Risky to lose it?

    Call me silly…

    Reply
  2. Matthew Pape

    After this post I realized there was something I wanted to add.

    I’ve seen a lot of people ask, and I know Duncan has been asked, “With a lot of the scumbag’s out there, who can I trust?” (Just to paraphrase of course). I believe I have the answer.

    With a FEW EXCEPTIONS, the guys you can trust are the one’s who DON’T participate on these “latest and greatest” product launches.

    Other than DUNCAN CRAIG WIERMAN of course (kiss up kiss up ha-ha) one guy I know off the top of my head is one of the “flip this house” dudes, Armando Montalongo out of Texas. I asked him one time on his Facebook page why he doesn’t participate on these so-called “Latest and greatest” product launches knowing how he was going to answer. He replied and said that he didn’t want to do it because it was a bunch of fluffy crap. He’s more interested in educating his students on what works.

    I also want to be clear when it comes to promoting products. I’m sure a lot of you guys are on some people’s mailing lists, be it Duncan’s, or other people. Most of the “Guru’s” promote someone else’s product once-a-month. These guys usually meet each other in seminars, mastermind meetings, etc. The conversation is usually something like this, “Oh you teach people how to buy paper? Cool? I teach people how to do short sales, want to promote each other’s product? Sweet!” I mean if you guys find a person who could help other investors, and it looks good, wouldn’t you promote it?

    That’s the difference between these promotions. The once a month webinars do ask you to “take action,” but if nothing happens, no harm, no foul. On the other hand if you see these latest-and-greatest promotions where the GURU says, “If you don’t buy this to take your business to the next level, YOU’RE A LOSER!” Although it’s an exaggeration you see my point.

    If anyone reading this wants to know who is a good person and who to purchase products from, feel free to e-mail me and I’ll give you an honest opinion. I’m all about seeing someone succeed instead of steering them in the wrong direction just to make a buck on a referral.

    Reply
  3. Jim Doyle

    WOW, Duncan you are way over the top on this one! How can you associate people who offer a way for sellers, who are upside down, an avenue to sell their house to a buyer, who has some money, and wants to be a homeowner but, because of the stricter guidelines lenders have cannot get a conventional loan, with Karen Hannover who has alledgely swindled people out of their money with false promises, and has also alledgely posed as an FBI agent? I have spoken with several attorneys who have told me that MA are legal and that taking peoples money on false pretenses and posing as an FBI agent are illegal. I do applaud you on posting th information on KH, I copied it and added it to my facebook as well. I can only conclude that because you did not come up with MA, you are bitter that someone else beat you to it.

    Reply
    1. Duncan Wierman Post author

      Hi Jim

      I can assure you that I am 100% spot on!

      Just because some real estate info marketer and a so called “guru” comes up with some way to wrench money from unsuspecting real estate investors by offering a new way to help troubled home buyers ((and you to make money at the same time) does not make it legal !!!

      Please NAME the attorney(s) you spoke to…. Tell me the name of your bank that okayed this?

      Let me get them on the phone with the top guy at HUD, a mortgage compliance officer, and the other attornies and I can tell you they will back down very quickly.

      I stopped buying on Sub 2 years ago and I don’t recommend them in any case anymore..

      This is not a game, and people are going to get burnt. It has nothing to do with any jealousy. Mortgage Assignments are just a new spin on an old method trying to make a buck.

      I will say that I believe ANYONE who promotes this method is either an idiot or a scammer –

      Reply
      1. Matthew Pape

        Jim I think you are mistaking the Mortgage Assignments with Lease Options/Owner Financing. Those are legal, and those are safe.

        Perhaps that is why whatever Attorney you spoke to approves of MAs.

        It’s all in the wording.

      2. Joey

        I am working hard to learn how to invest in real estate that is ethical, moral, responsible, creative and most of all legal. I enjoyed reading all of the information you have posted here. Thank you!

        As I am just beginning to learn, I was curious about the line item 203 on the HUD-1 statement and what I should undestand. What does it mean and what is it there for? I recently attended a seminar that pitched this subject to “strategy” and since I am new to all this, I would love to hear from you as I feel you are a much more reliable source of accurate information then these gurus. Thanks again.

      3. Duncan Wierman Post author

        Subject 2 investing is possible. I however am against ASSIGNING a sub 2 contract to another person as there is an ethical responsibility to make those payments

    1. Keith French

      Hi Lynn, I can assure you that Shannon and I have never promoted mortgage assignments, subject-to transactions, and/or sandwich lease options, and would like to know where you came to that conclusion or where you may have heard that?

      When we speak publicly, we specifically tell people to avoid any type of mortgage assignments and/or subject-to type transactions, and that we in no way support strategies like that. Our strategy called LinkOptions does not involve getting the deed or promising payments to anyone or by anyone.

      We simply market sellers’ houses for Rent-To-Own/Lease with an Option to Buy, and then match the seller to a tenant-buyer who signs a Rental Agreement and an Option to Buy Agreement with the seller. We don’t even do or teach sandwich lease options, which can be considered more benign that either mortgage assignments and subject-to transactions.

      Our buyer does not assume the loan or get the deed, nor do we. The title never transfers ownership, no promise of payments are ever made. The seller stays in full control of their property, and we are out of the transaction once we match the seller to a tenant-buyer. Also, we don’t do lease purchase agreements where equitable interest can be transferred to the tenant-buyer. We ourselves do not like mortgage assignments, subject-to’s, and/or sandwich lease options, and would never promote these strategies ourselves.

      Moreover, we never work with distressed sellers who are either upside down or behind in payments. All of our sellers have to be current on their mortgages and owe less than the house is currently worth.

      Personally, I would never ever do either of those two type transactions. They are just problematic inherently from the start.

      Please check us out before making a statement like this that is not true, as this is completely opposite from what we do and teach. Thanks!

      Reply
      1. Duncan Wierman Post author

        I been doing deals you been describing for over 8 years now with no problem. They work great and its what I recommend to anyone who needs to make money fast in these times now. (This method of investing is one of the reasons I built my http://www.onlineLeadfinder.com software !

        I have not reviewed this course mentioned in the above commment, so I cannot make any statement to it..(other then its $1,497)

        A very good course for the same thing is http://www.cooperativepurchase.com/ AND IT’s ONLY $59 – The link is NOT an affiliate link.

      2. Jon

        Great response Keith I was confused about what was spoken against you until you gave a great response to it. Thank you!

    2. Shannon French

      Hi Lynn, you said “The main people I knew who were promoting Mortgage Assignments are Keith and Shannon French?”

      How do we know you?

      We cannot recollect any “Lynn” who would be so misinformed especially if they “knew” us. But I certainly can’t remember everyone we’ve ever spoken to. We’d certainly appreciate the opportunity to clear things up as we understand how “he said/she said” can appear to be legitimate sometimes unless some effort is taken to do some due diligence. I’m confident you didn’t intend to propagate misinformation so we’d be happy to speak with you directly.

      Just to reiterate what Keith said..we have NEVER promoted Mortgage Assignments. We’re pretty much of the same opinion as Duncan on that one.

      Reply

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