Is the Assignment of Mortgage Payment System against the law?
Assignment of Mortgage Payment System Legal Opinion by Bob Diamond
REI Maverick Phill Grove, creator of the
training curriculum Assignment of Mortgage Payment System (AMPS) lately conducted a conference call with Nationally recognized Real Estate Investor and Real Estate Lawyer, Bob Diamond to speak about innovative real estate deals, including Assignment of Mortgage Payment deals, Subject to, and Lease Options.
Assignment of Mortgage Payment System Legal Opinion by Bob Diamond
The Assignment of Mortgage Payment System has not a thing to do with the bank’s mortgage assignment fraudulence and property foreclosure scams, and as such, we wish to separate our product from anything of the like. The Assignment of Mortgage Payment System program is an improvement upon Phill Grove’s first Mortgage Assignment program called MAPS and through the interview with Mr. Diamond, the system he is referring to is the original MAPS program. Sorry for the confusion, just comprehend that everytime you hear Mortgage Assignments Profit System within the interview, he’s talking about Assignment of Mortgage Payment System (AMPS).
Bob Diamond can be described as practicing Real Estate Attorney for 18 years and a profitable real estate investor for over two decades. Mr. Diamond is often a regular guest on FOX, NBC, and CNBC, as well as hosting his well-known real estate radio show. He’s also authored 3 very popular books on property foreclosure investing. Bob consented to look over the Assignment of Mortgage Payment System and provide his thoughts on the topic.
Assignment of Mortgage Payment System Legal Opinion
Listed below are a number of the highlights of the interview with Mr. Diamond concerning the Assignment of Mortgage Payments System:
Assignment of Mortgage Payments System Legal Opinion | How do you feel about AMPS?
Bob Diamond on Assignment of Mortgage Payments System (AMPS): I’ve looked through (Phill Grove’s) program on Assignment of Mortgage Payments System from stem to stern, from beginning to end, and I loved it! I thought it was giving out information that was timely and was critical for every investor to know right now. .. you gave me insights that I hadn’t thought of and you gave me insights that I had forgotten. It’s obvious from your materials that you’re out there in the field every day doing deals. Your materials were acceptable, not just to me because I am a real estate attorney, but acceptable to anyone who is a real estate investor with common sense.
Assignment of Mortgage Payments System Legal Opinion | Is AMPS legal?
Yes. The Assignment of Mortgage Payments System that you’re teaching is well established in the law.
In the 1980’s, lending was not available due to high loans. Real Estate went into barter system and used owner financing. Guys investing back then are very familiar with this strategy and going back towards it. Seasoned investors have been using this strategy for decades. This is nothing new. But many newer investors haven’t heard of this strategy. When something new comes along, many people will doubt it. Education, like the Assignment of Mortgage Payments System (AMPS), will help overcome this type of thinking. Nowadays, the deals are available all over, but the financing is not available.
Assignment of Mortgage Payments System Legal Opinion | Why use AMPS?
It goes over multiple creative real estate acquisition strategies. When you are marketing, you are spending hundreds of dollars to get your phone to ring. You should have the tools in your tool box to help the person willing to sell his or her house do so in a legal and ethical manner. This is what the Assignment of Mortgage Payments System (AMPS) program is designed to do.
You want to have the right tools for the right environment. 5 years ago, anyone could get a loan, so using a bank for real estate investing made sense. These techniques, like subject-to or mortgage assignments, would’ve made no sense 5 years ago. Now Phill is ‘reintroducing’ these ideas that were popular back in the 70’s and 80’s and people think Phill’s coming in out of left field. These strategies are not the creation of Phill Grove. They’re time tested and proven strategies, well before Phill bought his first house.
Assignment of Mortgage Payments System Legal Opinion | What are the steps for a successful real estate investing career?
Steps for real estate investing success are as follows:
• Marketing- get your phone to ring
• Identify the needs of the home seller
• Understanding multiple strategies so you can find a solution
• Offering the solution that matches the needs.
This is why being a one trick pony in real estate investing doesn’t work well. If you only know one strategy, then you will try to fit all seller’s needs into one square peg. It doesn’t always work like this. You make money identifying needs and providing solutions for those needs, not having a service and trying to make everyone’s problems fit into the limited service you provide.
Assignment of Mortgage Payments System Legal Opinion |What is your advice for new investors?
Study materials. Have a relationship with local real estate attorney that you can run ideas by. Join a REIA club to find people. Finally, always communicate with your buyers and sellers. Whether or not you have legal issues will come from your communication. Surprises get people upset, even if there is nothing to be upset about.
Assignment of Mortgage Payments System Legal Opinion |Any final words of wisdom on creative real estate investing?
Close your deals at Title Companies using real estate attorneys. You can’t go wrong if you’re doing this because the Title Agent and Attorney won’t let you go wrong. When you’re closing your deals with attorneys and title companies, you’ll have a tough time closing the wrong way; they just won’t let you do it.
See more on Assignment of Mortgage Payment System Legal Opinion here
Assignment of Mortgage Payments System Legal Opinion | How do you feel about AMPS?
Bob Diamond on Assignment of Mortgage Payments System (AMPS): I’ve looked through (Phill Grove’s) program on Assignment of Mortgage Payments System from stem to stern, from beginning to end, and I loved it! I thought it was giving out information that was timely and was critical for every investor to know right now. .. you gave me insights that I hadn’t thought of and you gave me insights that I had forgotten. It’s obvious from your materials that you’re out there in the field every day doing deals. Your materials were acceptable, not just to me because I am a real estate attorney, but acceptable to anyone who is a real estate investor with common sense.
Assignment of Mortgage Payments System Legal Opinion |Is AMPS legal?
Yes. The Assignment of Mortgage Payments System that you’re teaching is well established in the law.
In the 1980’s, lending was not available due to high loans. Real Estate went into barter system and used owner financing. Guys investing back then are very familiar with this strategy and going back towards it. Seasoned investors have been using this strategy for decades. This is nothing new. But many newer investors haven’t heard of this strategy. When something new comes along, many people will doubt it. Education, like the Assignment of Mortgage Payments System (AMPS), will help overcome this type of thinking. Nowadays, the deals are available all over, but the financing is not available.
Assignment of Mortgage Payments System Legal Opinion |Why use AMPS?
It goes over multiple creative real estate acquisition strategies. When you are marketing, you are spending hundreds of dollars to get your phone to ring. You should have the tools in your tool box to help the person willing to sell his or her house do so in a legal and ethical manner. This is what the Assignment of Mortgage Payments System (AMPS) program is designed to do.
You want to have the right tools for the right environment. 5 years ago, anyone could get a loan, so using a bank for real estate investing made sense. These techniques, like subject-to or mortgage assignments, would’ve made no sense 5 years ago. Now Phill is ‘reintroducing’ these ideas that were popular back in the 70’s and 80’s and people think Phill’s coming in out of left field. These strategies are not the creation of Phill Grove. They’re time tested and proven strategies, well before Phill bought his first house.
Assignment of Mortgage Payments System Legal Opinion |What are the steps for a successful real estate investing career?
Steps for real estate investing success are as follows:
• Marketing- get your phone to ring
• Identify the needs of the home seller
• Understanding multiple strategies so you can find a solution
• Offering the solution that matches the needs.
This is why being a one trick pony in real estate investing doesn’t work well. If you only know one strategy, then you will try to fit all seller’s needs into one square peg. It doesn’t always work like this. You make money identifying needs and providing solutions for those needs, not having a service and trying to make everyone’s problems fit into the limited service you provide.
Assignment of Mortgage Payments System Legal Opinion |What is your advice for new investors?
Study materials. Have a relationship with local real estate attorney that you can run ideas by. Join a REIA club to find people. Finally, always communicate with your buyers and sellers. Whether or not you have legal issues will come from your communication. Surprises get people upset, even if there is nothing to be upset about.
Assignment of Mortgage Payments System Legal Opinion |Any final words of wisdom on creative real estate investing?
Close your deals at Title Companies using real estate attorneys. You can’t go wrong if you’re doing this because the Title Agent and Attorney won’t let you go wrong. When you’re closing your deals with attorneys and title companies, you’ll have a tough time closing the wrong way; they just won’t let you do it.
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