If you’re reading this then you are probably already aware of this new program sweeping the nation know as Mortgage Assignment Profits System… Or just Mortgage Assignments and you’re looking to find out the truth and if they are actually legal.
You’ve heard how it is an no risk, zero down investing strategy that actually takes full advantage of the current economic/real estate disaster that continues to plague us. Actually finding homes that are at or near underwater and selling them the huge new community of buyers who used to qualify for bank loans but can’t..
Hence the line “selling unsellable homes to unsellable buyers”
Is it the Truth?
As a fairly new investor myself (started just two years ago), and along with my two partners we represent only a handful of people who have ever done a real life Mortgage Assignment deal,
There is no denying that this idea really does work and is the main tool I have used to build a success real estate investing business.
Truth is, sure there are other strategies out there, but the beauty of the Mortgage Assignment is it is just enough like older strategies, such as Sub To’s, to have a lot of precedence and thus, completely legal. Yet, also focus on the new realities of our current economy and real estate world.
This strategy which my partners and I have been blessed to master, really does allow us to find money making investor deals that offer absolutely no risk to the investor with no money down.
In truth the true genius is whereas in the past, the investor would take over payments themselves, with this system this is not the case. The investor risks absolutely nothing because they acquire no “equity” in the transaction.
The truth about this strategy is not only are investors excited about the program, realtors are increasing seeing Mortgage Assignments Profits System as a way to subliming their income using the skill sets they already have…
Mortgage Assignments are the new legal “thing” that’s working right now and if you having trouble making deals/or are just looking for more, than in truth, I definitely recommend you look into them.

Question: Is Phill Grove’s Assignment Of Mortgage For Real?
This is a great question and ‘would be’ buyers have been flocking in droves to get more information on the question “Is Assignment of Mortgage for Real?
Given all the ‘buzz’ circulating in the real estate investing and realtor world that Phill Grove and his Assignment of Mortgage Payment System (AMPS) may actually be the answer to this economy.
Investors and realtors alike have been scouring the internet and looking for any piece of information they could find that may help them figure out if the “Assignment of Mortgage is for real?”
I myself have been a Phill Grove mentor student and was there when he first introduced AMPS and I can tell you Phill Grove was so excited about it. I’ll be perfectly honest, I had my doubt about whether the “Assignment of Mortgage was for real?” question and was truly the key to multiple deals a month in this economy.
It seemed to me just like another ‘sub-to’ type” strategy. Boy was I wrong on the “Assignment of Mortgage For Rea? question?”. Here’s why.
“Is Assignment Of Mortgage for real?” point one:
Compared to what? Let’s face it, it is damn near impossible to get a bank loan. Banks have restricted lending to the point that a good credit score and a six figure income doesn’t guarantee you anything if you can’t prove a really long W2 documented work history.
This seems innocent enough, but when thinking about is “Assignment of Mortgage For Real” it is for all intents and purposes a death knell for traditional investing.
Think about it. Yes, right now, there are a lot of really great investor deals out there meaning they are cheap buys. And with all the foreclosures we are hearing about on TV. it isn’t rocket science to go out and get a whole bunch of short sales under here is the question that is key to understand is “Assignment of Mortgage For Real?”
Most homes have been traditionally bought with bank loans, not cash, so in regards to the is “Assignment of Mortgage for real?” you have to realize, this included short sale buyers, and homes that have been rehabbed.
No wonder then, it has become so difficult to make money on shorts sales, and rehabs, there just aren’t many people to buy. The result is that most short sale becomes a foreclosure anyway, and the rehab deal just languishes on the market.
So for the “Is Assignment of Mortgage for real?” question, obviously, the other options aren’t very bright.
“Is Assignment Of Mortgage For Real?” point 2:
The lesson from that is that the Real Estate market is driven by buyers. If there are a lot of buyers, then it is a hot market called a “sellers” market because the seller usually gets multiple offers.
If the buyers are scarce, then the market is cold, and houses languish on the MLS for long periods of time and housing prices drop. This is called a buyer’s market because since they are scarce, they have more leverage and can get better deals.
In regards to the “Is Assignment of Mortgage For Real?” question, the point is that buyers drive it, and if you figure out where the buyers are or are going, you have figured out the market.
This is really the ‘awesome sauce’ of the “Is Assignment of Mortgage For Real?. With the banks, restricting lending, where did all these buyers, many of whom make great money, and are used to putting 5% to 20% down for a home go? Many of them went to alternative ways to buy a home.
They still want to own. The owner financed buyer pool has exploded, and that’s when it comes to the question “Is Assignment Of Mortgage For Real? The buyers have spoken, and the answer is “Yes.”

Taking the first REO assignment is exciting and nerve racking experience. Not only is it a listing for you to sell but also an opportunity for you to make a lasting impression with that asset manager, securing future business. Handling it carefully and professionally is of utmost importance.
Here are a couple points to keep in mind.
Accepting the assignment will most likely be via a phone call with an asset manager or someone who does the property marketing. They’ll ask if you would be interested in a particular assignment. Of course the answer is yes as long as it’s in your area. Usually they will call with property in your area, if it’s to far from you, meaning over a forty five minute drive you run the risk of not impressing your asset manager due to delays. Especially if you’re not doing REO business only and are doing other day to day real estate activities. Plan carefully if you take on listings outside of your area. Bpo’s are easy to take, out of area, for listings you’ll be doing a lot more leg work.
Asset managers giving you your first REO assignment will have certain expectations and will be keeping a close eye on how you handle the responsibility. Most times they will expect you to have quick response to the task assigned, meaning 24 hours on most tasks they want you to complete. This will vary from one asset manager to another. Your responsibilities will also change from one property to another. Some may require cash for keys others evictions. Some property will just need to be secured because they were abandoned by the occupant. What ever the task, always strive to surpass their expectation. This is the best way to get more listings.
When you accept this first REO assignment you will get a fax or email with an authorization to verify the occupancy of the property and to re-key it if necessary. If you aren’t well versed on scanning and emailing attachments get some practice. You will be doing a lot of it. Most of your communication will be via email with attachments or a management portal. , for example, is a commonly use platform.
Good Luck on that first listing and don’t be late on anything.

ACTUAL CASE HISTORY: Dennis was considered a rising star in the field of financial management software. At 39, he’d risen steadily over the years, and now worked for the third largest financial management software distributor in the U.S. As his company’s National Sales Manager, he had taken company sales higher and higher for four years straight. He’d also expanded sales into the area of financial management for non-profit organizations, a fast-growing niche. His future seemed very bright.
His company’s sales in Europe, though, had lagged repeatedly. Despite several changes in their European sales leadership, sales volume continued to disappoint. When the company’s CEO asked Dennis if he’d consider a two-year stay in Germany to rebuild the European software sales team from the ground up, Dennis was receptive. His wife was supportive, and since the kids were just 5 and 8, they seemed still young enough to be very adaptable. Dennis and his wife viewed the assignment as a great career opportunity, as well as a great family adventure. And that it was.
Four months later, Dennis, his wife and the kids had arrived in Dusseldorf, Germany, a charming yet vital city. They’d leased their home in Dallas for the two-years they were to be away. The kids were in an English-speaking school attended by other elementary-age sons and daughters of other expatriate parents. Their Dusseldorf house was leased for them, and even the household help were arranged by the company’s local representatives. Dennis planned to revamp the European sales team from the bottom up, one by one, with local salespeople to be identified by local executive recruiters. Initial hiring efforts were promising.
Then came the truly unexpected: seven months into the new assignment, with little warning of any kind, the company was sold to a French conglomerate, with their own ideas about European software sales, and their own Director of Sales, too. Dennis was notified that his services were no longer needed, but that he would be given a fair and reasonable severance package. Dennis inquired about arrangements for his family’s return to Dallas, including such things as return flights home, shipping the family’s belongings, and finding his family a home in the Dallas area. He was assured that all of his concerns would be addressed.
The rest was, as we say, “not nice.” Dennis was presented with a separation agreement that, he was told, had to be signed before he could find out what assistance he and his family would receive in returning home. When Dennis balked at signing it, his salary payments were halted. Then tuition payments stopped. Even their housekeeping services were withdrawn. The people who’d assured him he’d always be treated like “family” were, themselves now “divorced” from the company. HR representatives who he knew for years told him they were powerless to intervene. Dennis was now dealing with people at the new parent company he’d never worked with before. Unfortunately, he had nothing in writing that would give him a legal right to anything.
LESSON TO LEARN: An overseas, “expatriate” assignment can be a “feather in your cap,” a step in the path toward being assigned greater responsibilities. But going “expat” involves a multitude of risks, and unusual ones at that. If there’s ever a time to “fold your parachute first,” it’s before you “fly away” on an overseas assignment, taking your family, your household, and your career with you. While the vast number of expatriates who travel overseas come home with fair, reasonable and proper treatment, those who get into difficulties in this regard find themselves in some of the most difficult and harrowing circumstances you might imagine. Before you make the move to an overseas assignment, there are certain requests you must make, and certain written assurances you shouldn’t leave home without. Whether your company has a comprehensive expatriate program or none whatsoever, before agreeing to take the overseas assignment offered to you, consider our “Expatriate’s18 Mandatory Requests.”
WHAT YOU CAN DO: These are the items we suggest our clients raise, and hopefully resolve in a written agreement of some kind, before agreeing to take an overseas assignment.
A. Finance and Career-Related

1. Salary Differential: You may find that, while your present salary suffices to provide you and your family with a comfortable lifestyle stateside, that same salary wouldn’t provide anywhere near that standard of living in, say, Singapore, Hong Kong or Tokyo. Your best bet is to speak with other American “expats” presently living in your country of assignment to get their view of the comparison, and necessary differential.
2. Tax Equalization: How would you like to be hit with income tax bills based on your compensation from each of two different countries? That may happen unless someone with expert knowledge makes sure it doesn’t, and will be there in case it does. Most companies provide “tax equalization,” which means that they’ll make sure that your after-tax income – no matter what – is equal to what it would have been if you’d stayed stateside. These are very tricky calculations, made only by very few accountants with special knowledge and expertise in this field, who need to be familiar with the laws of many countries. Only three or so large firms do this kind of work. It’s doubtful your own personal accountant can help you here. Remember that for the calendar year 2006, for example, you may need this specialized assistance – at the company’s expense, hopefully – for a tax audit in 2010.
3. Minimum Term and/or Notice: Knowing that you will be employed for at least a minimum period of time, and/or knowing that you will have at least a certain amount of notice before termination, are two important “risk-limiters” we always seek. Nowhere are they more important than in expatriate assignments. Whether it’s until the end of your children’s semester at private school, or the time you think it might take to find a new position – from 5,000 miles away – you should seek these.
4. Currency Swing Risk: Do your remember the Russian bond default of 1998, or the Asian currency crisis of 1997? They each wreaked havoc in currency markets around the globe. If such things do happen again – and you can depend on that happening, sooner or later – who is more capable of absorbing the risk of your salary becoming insufficient to pay your bills in another country: your family or your employer? This substantial risk should be addressed before you venture overseas.
5. A Job When You Return: This is one of the most difficult requests to make, and to get written assurances about, but nonetheless the largest risk you face in taking an overseas assignment. Once you’re “out of sight,” you tend to become “out of mind,” and at times available positions become few and far between. Will a position be found for you, no matter what? That’s the question.
   B. Travel and Moving Related
6. Flights, etc.: Necessary flights you may need include (a) for initial house hunting, (b) your actual relocation, (c) flights home 2 or 3 times a year for holidays and the like, (d) flights home for family and medical emergencies, (d) flights home for reverse house hunting, and (e) for your return, preferably to the U.S. city of your choice (as your next job may be in a different city than you came from.) Your flight-rights will need to cover your immediate family, at the least. For those with kids in college, you may need to arrange special trips for them to come to visit you. Will you fly first class or red-eye in coach? Will you be provided tickets, or reimbursement one year later?
7. Shipping and Storage of Household Goods: Beware of limits to be placed upon the extent of your moving household goods. Expect that you won’t be provided any assistance for storage, unless you ask. Consider seriously requesting either a greater allotment for shipping, an allotment for storage, or simply a budget for purchasing new household goods in your country of assignment.
8. Home Sale Expense and Loss Protection: It is not unusual at all for an employer to cover the home-sale costs and potential losses an employee may suffer in taking an overseas assignment. These commonly include realtor fees, legal costs, and local transfer taxes. For senior executives, in particular, these may include the increased price of buying an equivalent home after repatriation.
9. Emergency Leave Policy: Over the course of a year or two, you can expect emergencies of one type or another to arise that require that you travel to your home. These may include family illnesses, deaths of friends or loved ones, even lawsuits. Some companies cover the cost of travel in these circumstances, some subsidize such travel, and some don’t help at all. Don’t be shy about asking about your company’s policy, if any, and don’t be shy, again, if it is not to your liking.
   C. Local Life and Housing Related
10. Housing Allowance: It’s uncommon for a temporarily-assigned executive to purchase a home during a relatively short-term assignment. Some companies own homes they provide to “expat” executives, but most expect their executives to find and rent their own housing. Especially for a family with children, this often proves prohibitive. In addition to outright salary differential, a specified housing allowance is preferable, and should be requested.
11. Tuition Allowance: Those with school-age children need to make arrangements for local schooling. Most cities of significant size have English-speaking private schools for expatriate children. In smaller cities, private tutoring may be the only education alternative. Both of these alternatives will require sufficient tuition allowance.
12. Local Club Memberships: In locales where the local culture is very different than your own, or security is a grave concern, it’s not uncommon to see social clubs set up for the international expatriate community. One good example is Saudi Arabia, where socializing in “public” is really not feasible. The social clubs are often quite expensive; their dues should either be paid for you, or at the least subsidized.
13. Local Critical Care and Support: If a problem of a critical nature arises, will your company provide you with (a) local legal help, (b) local medical help, (c) emergency flight for distant medical help, (d) private security if appropriate, (e) evacuation in tense political, weather or earthquake situations? We often forget how fortunate we are in the U.S., and how those in other countries have daily concerns like these.
    D. Legal and Technical Matters
14. Immigration Matters: When crossing borders, visas, work permits and the like can be maddening. In some countries, under certain visas you cannot remain in the country more than 24 hours after you’ve lost your job. Will the company provide you with immigration attorneys BOTH when you leave and when you come home? Will they reimburse you for your own immigration expense? Don’t ever expect sympathy or flexibility from border guards, or immigration officials.
15. Identity of Employer: This issue usually surprises people, because it is just so unanticipated. Many companies operate overseas through local subsidiaries for tax, regulatory and legal reasons. To accomplish this, expatriated executives are sometimes “assigned” or “seconded” to the local subsidiary, who employs them. This can have profound consequences to the executive, including the loss of protection of U.S. laws, the cessation of stock and stock option vesting, and removal from the parent company’s other benefit plans (such as long term disability, pension, and bonus.)
16. Continuing Obligations: In our efforts to limit risks, we request that the matters noted in this memo be raised with employers sending employees on overseas assignments. Certain of the obligations that we ask employers to assume are different than the others, in that they need to expressly continue past any possible employment termination. This is so because after employment ends, unless it is agreed otherwise, all obligations from employer to employee, and vice versa, cease; there’s no implied agreement to continue providing services or fulfilling obligations. As just two examples, (a) if your employment is terminated by your employer, will your employer pay for the accountants to prepare your “equalized” tax returns in the following year?, and (b) if your employment is terminated by your employer, will your employer pay for the costs of breaking a local apartment lease? The items in this list that, more than others, need to expressly survive employment termination are 2, 6, 7, 8, 10, 11, 12, 14, 15 and 17.
17. Binding on Successors and Assigns: In most every commercial agreement, the parties provide that the obligations are binding on the parties’ successors and/or assigns. That means that, if a company buys your employer, or even its assets, then the purchasing company is responsible for the obligations of the purchased company. In these days of mergers and acquisitions, this is a very important risk limiter for expats.
18. MUST be (a) In Writing and (b) Authorized: No matter what you may be told by HR, your supervisor or the company’s legal staff, verbal assurances on these matters are simply insufficient to protect you and your family. The same goes for “It’s company policy,” because “company policy” may change while you’re living in Bangladesh. If it’s clearly not a problem now, it needs to be clearly not a problem later, and the only way to make sure it’s clearly not a problem later is to have it in writing. Additionally, the person who signs any agreement to cover expatriate risks needs, too, to represent that he or she is authorized to do so. [As an aside, be extra careful if you’re not married, but in a domestic partnership; special wordings will need to be made in this event.]
    There are many rewards to taking on, experiencing and fulfilling overseas assignments. But in every transaction, there’s something more than “rewards” that we need to focus on: “risks.” In our employment negotiations, a critical part of our efforts is always devoted to “risk limitation.” Those considering expatriate assignments must pay special attention to risk limitation, and this is how they need to do that.
    These are not all of the risks faced by expatriate executives, but they are the primary ones that we’ve seen cause our clients the most serious problems. Every person, every assignment, every company and every transition has unique problems. You should try to customize your solutions to the particular concerns you have about your particular circumstances.
    A note about our Actual Case Histories: In order to preserve client confidences, and protect client identities, we alter certain facts, including the name, age, gender, position, date, geographical location, and industry of our clients. The essential facts, the point illustrated and the lesson to be learned, remain actual.

Phil Grove and his Assignment of Mortgage Payments System or AMPS has been all the rage in the investing community promising to deliver a relatively low-cost, easy to implement investor strategy that provides a solution to the problem of all the “sellers” who are stuck in their homes with no equity and can’t get out.
Since many people nationally are now interested in this system, they are definitely scouring the web, and calling anyone they can trying to find an honest to goodness perspective from a Phil Grove, Assignment of Mortgage Program, student.
I happen to be one of these students and from my personal experience, let me say that there are few things that I can say about Phil Grove as an AMPS teacher that would be of interest to anyone looking to get to the land of profitable deals.
I’ve seen a lot of courses and read loads of real estate investing books but none of them are even close to as thorough as Phil Grove in his Assignment of Mortgage training. Phil has a knack for explaining ideas in a way that is understandable, while also highlighting what is truly essential so you can get to deals as quickly as possible.
Also, in rating Phil Grove as an Assignment of Mortgage teacher, I have to say you have no doubt that this is a guy who got this knowledge “in the street,” finding deals the old-fashioned way. He is totally not afraid to get dirty and I have seen him go on site multiple times to evaluate potential deals.
The longer I listened to the “other gurus”, I got the impression that most of these so-called “experts” really hadn’t done that much investing themselves, and made most their money selling coaching.
I can tell you, when you talk with Phil, it seems like he has an answer to everything. I have grilled him at times with questions and he always has the answers. It is not surprising Phil Grove’s Assignment of Mortgage Program is a creative solution to the huge losses of this economy that, with the AMPS system, turns it into a huge opportunity.
Thus, from a student’s perspective, I have found Phil to be very through, and knowledgeable about getting deals. Phil Grove and his Assignment of Mortgage training has certainly been useful to myself and my team in finding owner finance deals in this economy.

The Mortgage Assignment is the all new, no risk strategy invented by the Guru of Guru’s Investor Phill Grove. It promotes a no risk; no money down investment strategy that essentially allows the seller of home to sell his house while the existing bank loan stays in place, enabling a buyer to buy a home without getting their own financing.
To take advantage of this system there are three key things that the real estate investor must master.
M.A. Key 1
Finding the deal:
In today’s market, there are millions of home that have little, to no, or even negative equity. For various reasons, the owners of these homes want or need to sell. Traditionally, Realtor/closing costs have been paid out of the equity in the home, but if you don’t’ have any equity then it has to come out of pocket.
This means a $5,000 to $30,000 bill.
OUCH!
Most sellers can’t afford that.
Mortgage Assignment style marketing basically targets this particular type of motivated seller. You must master this to get the deal
M.A. Key 2
Finding a buyer:
Since the banks have become very strict on lending for homes. The number of buyers looking Mortgage Assignment style financing has exploded.
That means that Mortgage Assignment type homes have become magnetic. I myself have generated 15 to 30 calls a day on these homes (using proper marketing).
You must master this if you going to find a buyer for the home and make the big bucks off the down payment
M.A. Key 3
Doing the contract:
Doing the contract is essential to making a no risk deal that protects you, the seller and buyer. The Mortgage Assignment Profits System does this and you will have get this handled to start making risk free money.
At the same, if you don’t’ get this handled, you, the buyers and seller are all at risk. So you must be careful, the investor in this situation has an obligation to protect everyone in a win/win scenario so everybody comes out on top.
As you see, there is a lot of opportunity out there with a mortgage assignment profits system in place. Get the three keys above handled and you will be rocking and rolling the real estate investing world.

In the past few years, some cities around the world have experienced booming condo construction markets. These condos are purchased by investors from around the world in addition to some local end users. For investors who bought a new condo from a Developer several years earlier and whose current plans have changed, this is an opportunity to sell before they have to incur closing costs and Developer levies. For buyers who want a brand new condo without having to wait years for construction to finish, or who cannot find what they want in the resale market, Assignments offer a greater selection AND potential savings.
An “Assignment” means you are taking over the contract that the original purchaser holds with a Developer. This works really well if you have a large cash down payment available, although sometimes a smaller amount can be negotiated. Generally what happens is you pay an amount equivalent to the purchaser’s deposits to the Developer PLUS the purchaser’s profit (the difference between the original purchase price from many years ago and today’s selling price). You then are able to move into the condo when it reaches the occupancy stage. When the building registers, you then take out a mortgage and pay the balance owing on the condo to the Developer.
It sounds complicated and it is. However, as long as you hire a real estate agent and a lawyer who are competent and experienced in handling Assignment sales, the process is very straightforward. The advantage to you is that the Assignment market tends to be a Buyer’s Market — there are often many listings in these markets and few buyers — which means that you can often get a great deal on a brand new condo with little or no competition from other buyers.
That said, locating Assignment sales can be difficult. Generally, Developers do not allow Assignments to be advertised on the Multiple Listing Service systems so these listings are offered by brokerages as Exclusive listings. Some real estate brokerages hold a large number of Exclusive Assignment listings in-house. In addition, these brokerages network on a regular basis with other agents in their market who have Assignment listings, which makes it easier to find listings that meet a buyer’s criteria.
Once an agent locates potential properties for you, if they are experienced in this area, they can help you understand the specific details offered by each Assignment such as purchase costs, closing costs, understanding floor plans, upgrades, and many other details. In some cases, the building may have reached occupancy and you can actually view the condo already built. In other cases, you will be buying from Developer plans just like buying a pre-construction condo.
When you are ready to make an offer on an Assignment, you’ll need a carefully structured Assignment contract. You then need to work closely with your Buyer’s Agent, your lawyer, the Developer’s office, and the listing agent to make sure your best interests are protected throughout the transaction.
The most important thing is to hire a Buyer’s Agent, but be sure to ask them whether they have done an Assignment in the past and HOW MANY assignments have they done. Many agents have never done even one and you just might be their guinea pig!

Let’s face it, there is a lot of “hype” in the Real Estate Investing World and no shortage of big promises like that of the Mortgage Assignment. In fact, I can’t tell how many real estate investors I see that get sabotaged before they even get started, trying to avoid all the high priced “noise” that’s out there especially when it comes to the term “no money down investing.”
So when I put up a headline like “No Money Down Real Estate Investing” I fully expect, and even encourage you take it with a grain of salt.
After all, I don’t want you to end up with a heck of a lot of money on your credit cards like I did getting educated about no money down investing strategies.
That stated, I can tell you with a completely straight face that there is a legitimate No Money Down Real Estate Investing Strategy out there that works. Honest!
This is called the Mortgage Assignment or Mortgage Assignment Profits System (Maps) pioneered by Real Estate Investing Guru Phill Grove from Texas.
The mortgage assignment concept is a simple solution to two huge problems
No Money Down Investing Problem 1
The decline of the housing markets has caused a situation where millions of homeowners find their homes within 5% one way or another of their existing loans.
Due to loss of jobs, reductions in pay, or job relocation, a ton of these owners need or want to move.
The trouble, their homes have no equity and are not able to absorb the roughly 8 % commissions/closing costs typical when selling a home. These fees which would equal $16,000 on a $200,000 house would have to come out of the sellers pocket. They can’t afford it.
No Money Down Investing Problem 2
The lending squeeze by banks has created a situation where millions of would be home buyers, who used to qualify for loans, no longer get bank funding.
Regardless of what the bank says, the desire to live the “American Dream” and own your own home has not vanished and neither has the hope for real estate investors to find a way to do legitimate no money down investing.A
No Money Down Investing Solution
Pretty simple:
What if you could take the sellers who can’t sell their homes, and pair their houses and current loans with the buyers who can’t buy a home?
That would solve both problem, and since you as the investor just arranged the transaction, you have spent none of your own money; a true no money down investing deal.
This no cash down investing technique is what Phill Grove has done with Mortgage Assignment Profits System.
He has devised a legal, and ethical no money down investing way for the investor to pair the seller and buyer together, while receive the down payment as a fee which 5% to 20% minus closing costs.
Not a bad day’s work!
In a nutshell, this is how the mortgage assignment; a honest to goodness no money down strategy works…

I am not a lawyer, I am a Judgment and Collections Broker. This article is my opinion, based on my experience in California, and laws vary in each state. If you ever need legal advice or a strategy to use, please contact a lawyer.
What if your judgment debtor does not have a regular wage job, and gets paid by customers, relatives, renters or tenants, or most anyone else?
An assignment order might be the right (although paperwork intensive) way to try to satisfy your judgment. This article covers Assignment Orders (AOs) in California. It is very important to know your state laws, and if and how assignment orders are allowed.
Assignment orders are (noticed motion) court orders that require a new hearing, and must be served on the other parties. AOs may be able to capture most kinds of (current and future) non-wage income streams.
Because AOs are lawful alternatives to conventional levies, you do not (in California) need to get a writ of execution. Unlike regular levies, the money often gets turned over directly to you.
In some places, the court may require the sheriff to be the levying officer. If that is the case, you will need to have a registered process server open a sheriff levy file, and then have the AO served on the parties, and then file the proofs of service with the sheriff.
Assignment orders can capture most distributions, commissions, and almost any kind of K-1 income. If approved by a court, an AO instructs someone that owes money to your judgment debtor, to pay you instead of the judgment debtor.
Assignment orders are most useful when a debtor receives (non-exempt and non-retirement-based) income. Assignment orders may work, even when the debtor claims they are poor, because income is income. (Most truly poor debtors do not have income streams.)
Assignment orders can last as long as it takes to satisfy the judgment. Like most court orders and judgments, nothing is guaranteed. The judgment debtor could file for bankruptcy protection. Other things may happen to thwart any enforcement action or strategy.
In theory, assignment orders for non-exempt income, can ask for all of the income, not just 25% of the income, as most wage levies (garnishments) can reach.
If the judgment is small, or the debtor is rich, ask for 50-100%. If the judge does not think your proposed order is reasonable, compromise and aim for 25%. (Because CCP 708.510-f seems to be very similar to CCP 706.050.)
If the debtor is not rich, it may be smarter to ask for a percentage, instead of all of their income stream. In judgment enforcement, being too aggressive could increase the chance that the judgment debtor will file for bankruptcy protection.
Usually, judges do not rubber-stamp approvals on assignment orders for creditors. When the creditor clearly shows a synopsis of why an assignment order is appropriate, then a judge may approve their proposed order.
You could document why you have no other reasonable way to enforce the judgment. You could also document any prior court-endorsed expenses and attempts that did not satisfy the judgment.
Assignment orders can also be used to reach income originating from other judgments, when your debtor is the creditor. An AO can order the debtor of your debtor to pay you instead of them (or the sheriff). Again, consider asking for a percentage.
The first step for any AO is learning who is paying your judgment debtor. A debtor exam, could subpoena enough judgment debtor documentation and information, to learn who to serve assignment orders to. Some debtors will pay, when their clients call them, and ask what is going on?
Assignment orders can be general, and not list specific names. They can say “25% of all monies due to the judgment debtor from clients he performs accounting services for”. Then, you can serve the assignment order on whoever pays the debtor, including any of their new clients you later discover, after the assignment order is issued.
Another general example would be “The tenant residing at 22 First Street will pay you”. That way, if the tenant moves and someone new moves in, you can have the same assignment order served on the new tenant. If the judge will not allow a generic order, you can find out who is renting, one legal way or another.
Sometimes, after being served an assignment order, the third parties still pay the judgment debtor instead of you. Even if they mistakenly pay the judgment debtor, they still owe you that payment.
It is good practice to get certified copies of the AO, to quickly serve on parties and/or their lawyers, so they cannot claim they did not believe it to be genuine.
As with any courts hearings – with AOs; obeying court rules, state laws, and a substantial paperwork load is required.
Often, 5-6 parts (usually in 5-6 documents) are required. For example, an Assignment Order, (an optional) Restraining Order, a Memorandum of Points and Authorities, a Motion, a Notice of Motion (or Entry of Order), and Proofs Of Service, that are filed with the court.
The Notice of Motion (Entry of Order) and the Motion (Order) are sometimes combined into one document. You need to make several copies of all documents, schedule a hearing date at the court, and have the judgment debtor served everything.
In California, CCP 708.510 specifies the debtor can be served by mail. Bring the proof of service to the court, and appear at the court hearing.
If your order is granted, serve a copy of the order on the judgment debtor by mail, and the parties that will be paying you by mail first. If they do not respond, contact them politely, and if necessary, have them re-served personally.
Please consult with a lawyer when you do your first assignment order.

For those looking to get into real estate investing in today’s market, there is a unique way to profit without needing cash or credit, and without the risks or headaches of owning rental properties. In this article, I will show you how you can place unsellable homes under contract subject to the existing mortgage, and then assign the contract to a buyer who has not been able to qualify for a mortgage. Your profit is on average about 5% of the purchase price.
This is NOT Mortgage Assignment
One of the latest crazes going around the internet now, and many investors’ email boxes, is a concept called Mortgage Assignment. To those who may not be familiar with this, it sound like you are just assigning a mortgage from one person to another. Keep in mind that this is not the same as a mortgage assumption where the lender legally transfers the liability from the seller to the buyer. Rather, a mortgage assignment is no more than assigning the payments to the buyer, while the seller keeps the mortgage in his or her name. In the Mortgage Assignment program, the underlying transaction is still a sale subject to the existing mortgage. In either case, the seller of the property is still on the hook, credit-wise, if the mortgage does not get paid. What you will be doing is to find sellers who are willing to sell their property subject to the existing mortgage and market that property to a buyer who has some cash, but who can not qualify for a mortgage in today’s tougher underwriting standards.
Why You Don’t Need to be a Real Estate Agent
One of the first questions that comes up is how can you do this without being a real estate agent? Well, it is simple. What you will do is to get the seller to agree to you placing a purchase option on their now have an equitable interest in the property. You will be marketing your interest in the property to other buyers. This is no different than marketing your own property to buyers as FSBO.
Understanding “Subject to” Deals
In a “Subject to” or “Sub2” deal, you are buying the property subject to the existing financing. This means that the existing mortgage will not be paid off. If there is equity in the home that the seller wants to cash out, either the buyer would need to have the cash available, or the seller can agree to carry the payments in the form of a second mortgage. Typically, a Sub2 deal is done when there is little or no equity in the property, because the seller can’t afford to either pay off the mortgage at settlement, or pay any fees and commissions, or both. The alternatives to this are a short sale or a foreclosure, and neither of those are easy or pleasant.
The biggest issue that one faces with Sub2 deals is something called the Due on Sale Clause. What this means is that when the property is sold, the lender has the right to call the mortgage due, meaning the buyer would then have to refinance the property of the seller faces foreclosure. However, from the experience of almost all Sub2 investors, not once has a mortgage been called due on the sale. Many gurus teach all kind of tricks to avoid the lender being notified about the sale, including a Land Trust and Contract for Deed, but others will teach you to just be upfront with the lender and don’t lie or hide anything. The way a lender usually finds out about the sale is not when the new deed is recorded, but when the homeowner’s insurance policy has a new owner. In my Find and Assign package, I explain the due on sale clause in more detail and why it is not something you need to worry about.
The Seller’s Dilemma
Right now the market is perfect for doing Sub2 assignments. Many homes are now underwater, meaning the seller owes more on the mortgage than the house is worth. There are sellers who can no longer afford the payments on their mortgage and are either struggling to make the payments each month or are behind in their payments and are facing foreclosure. In Find and Assign, I have a matrix that shows the various options a seller has on getting rid of their property, along with the costs of each. If you are able to show a seller how he or she can walk away from their property and making the mortgage payments without affecting their credit, you have a motivated seller, and one who would be receptive to your offer.
The Buyer’s Dilemma
In the past, all you had to do to get a mortgage was to fog a mirror. This means you simply had to be alive! Banks and mortgage companies gave out loans to anyone who could fill out an application. There were no-doc loans, stated income loans, and loans for subprime buyers. Down payments we as low as zero. Flash forward to today. Now, you need to prove your income, provide two years of tax returns, bank statements, and have a credit score north of 680. What we have now are buyers who a few years ago could get a mortgage, but now who can’t. So, you are in the perfect position to sell unsellable homes to unloanable buyers, all by simply getting the seller to do a purchase option subject to the existing mortgage and assigning this agreement to a buyer for an assignment fee. The new buyer gets the deed at settlement, and pays the closing costs.
Finding Sellers
There are many ways to find sellers, including posting ads on Craigslist and newspaper classifieds. A sample ad can say “We buy homes with little or no equity. Get out from making any more mortgage payments.” One fantastic way to find sellers is to call real estate agents and ask them to provide you with leads of those who want to sell, but who can’t because they can’t come up with the cash to go to settlement. You can offer the agent a referral fee. If the agent is honest and says that he or she can’t accept a referral fee, you can still legally pay the agent by having the agent become your buyer’s agent. When you get the house under contract and then assign the contract to the end buyer, at settlement the agent would receive their legal commission, depending on what you agree upon. In Find and Assign, I go over many other ways to find sellers for the Sub2 Assignment program.
Finding Buyers
Of course, you need buyers to complete the deal and to make money. You can find buyers by running ads that say “Buy a home with no mortgage qualifying. 10% cash needed.” You can run these ads on Craigslist and newspaper classifieds. You can also call mortgage loan officers and ask them for leads on those who want to buy a house but who can’t qualify for a mortgage. What you may have to do is simply give these loan officers your info and have them give it to the wannabe buyers. You can offer a fee to the LO on any deal you do.
Writing the Agreement
There are two ways to do this. One way is to write up a simple real estate purchase agreement, where after your name you write “and/or assigns”. In the purchase price section, you would write the price, then “subject to the existing financing as detailed in Appendix A. In the appendix, you would list the balance of the mortgage or mortgages on the property, and the existing monthly payment. There are no special forms that are needed. It is only the wording that you have to use. The second way is to write up a purchase option on the home, using the same subject to language. You would then either assign the purchase agreement or the option to the new buyer. If you use a purchase agreement, you need to make sure you have the proper escape clauses that let you walk from the deal if you don’t find a buyer. You don’t want to actually purchase the property, and that is what the agreement says. With a purchase option, the seller is giving you the right to purchase the property, but you are not committed to do so. If you don’t find a buyer to assign the property to in a 90 day period, you just walk away.
When doing these deals, there are also some disclosures that need to be signed by the seller, namely disclosing the fact that the sale is subject to the existing mortgage and that the mortgage will remain in their name. You also disclose the potential for the Due on Sale Clause. What I always suggest is that before you get started with this, you find a real estate attorney who has done Sub2 deals before. You can find one the same way I did, on Craigslist! In Find and Assign, I share with you how I did this, and what questions you need to ask. You also may need a title agency to close the deal, and I cover that in Find and Assign. Your real estate attorney should also know of one to use.
Closing the Deal
All you really have to do is get the end Buyer to write you a certified check for your assignment fee after they do their due diligence on the property, including a title search, inspection and so on. The title search will show you any and all liens that are attached to the property, along with any judgments on the owner and any back taxes that are owed. You can use any title agency to do a search. The fee would be around $60 or so. You can either have the buyer do this or have the seller do it and make it available to potential buyers.
When you have a Buyer for the property, you want to refer them to your real estate attorney to get the deal closed. This way you have done your part to bring the two parties together and thus earn your assignment fee. The key is to have a real estate attorney involved in these deals and not to try a “kitchen table” close. You don’t want the seller of buyer coming at you because you did not disclose everything you should have. If you do this right, you can make a reasonable income by assigning just one or two properties per month. If you do a search online, you can pretty much find everything you need in forums and other sites. There are no special forms, other than a Purchase Option, Assignment of Purchase Option, Purchase Agreement and of course the CYA Disclosure Form. Other forms that are involved are an Authorization to Release Information and perhaps a Power of Attorney. If you find a real estate attorney who has done these deals, this person can provide you with all the forms you need.
To Learn More
In my Find and Assign package, I provide you with much more detailed information on how to do Sub2 Assignments. This is all found in one of the bonus packages in the form of a 42 page guide, plus all the forms and agreements you need, including a very detailed disclosure form. I teach you many ways to find sellers and buyers, and even show you how to get others to look at properties for you with no upfront cash. Along with this, you get a PowerPoint package that you can use with sellers, along with other useful tools and resources. There is no need to spend hundreds of dollars on courses or workshops. Once you understand how to find buyers and sellers, and know what forms you need to fill out, you can get started doing this with very little cash. All you really need is the motivation and dedication to place ads online, and what to say to those who call you from your ads. In Find and Assign, you even get scripts and information to send to sellers and buyers.