Teleseminar Wed. / Can You Get Scammed Selling A Note?
Published: Fri, 09/13/13
* Mark Your Calendar: Note Brokering Teleseminar Next Wed.
* Can You Get Scammed Selling A Note?
THE CASH FLOW EXPRESS
A Service of The Paper Source, Inc.
March 1, 2014
Hi ,
Abby Shemesh's article "Can You Get Scammed Selling A Note?" is
below.
Next. Wednesday, March 5, join Abby and me for a 30-40 min.
free teleseminar on brokering real estate notes. The focus will
be "New Broker Questions," and we plan to cover these topics and
take your questions live:
* Finding Note Leads with No Budget
* The Best Way to Spend Marketing Dollars with A Small to
Large Budget
* Getting the Seller to Say "Yes" to Your Discounted Note Offer
Abby is the Acquisitions Director and Managing Director of
AmeriNote Exchange, a loan acquisition firm based in San
Francisco, which is primarily interested in the purchase and
management of mortgage notes, mortgage loan portfolios, business
notes and many other debt instruments that are purchased and traded
on the secondary loan market. Website: www.amerinotexchange.com
The free teleseminar starts this Wednesday at:
6 p.m. Pacific Time
7 p.m. Mountain
8 p.m. Central
9 p.m. Eastern
When it starts in your time zone, call (559) 726-1300 and when
prompted enter the access code: 794728# (That's the number
794728 followed by the # key).
WILL NOT WORK WITH MAGIC JACK OR OTHER VOIP SYSTEMS. It will
work on your cell or land line.
Join in for what will be a great teleseminar!
You will meet Abby at the Paper Source Note Symposium April
24-26 in Las Vegas. Watch the video and get more info at
http://tinyurl.com/2014notesymposium
Cheers,
Bill
W. J. Mencarow
The Paper Source, Inc.
www.PaperSourceOnline.com
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Can You Get Scammed Selling A Note
by Abby Shemesh, AmeriNote Xchange
www.amerinotexchange.com
Here is a question that comes up from time to time with many
private note sellers:
"Can I get scammed when selling my private mortgage note?"
This is obviously a question that would need to be addressed (and
answered) if you are planning on selling your mortgage note on the
secondary loan market.
Just to be clear - when I say private mortgage note, I am referring
to someone that is currently collecting on a debt secured by real
estate. This is usually the result of a property sale in which the
property seller creates a seller-financed mortgage note and acts as
the bank for the next 10, 20 or 30 years (depending on how you
structured said note).
I am not talking about people and/or borrowers that are currently
making payments to a bank, credit union or institution on a
mortgage loan (like Wells Fargo, Bank of America, PNC, etc.), in
which you found out that the your bank that lent you the money has
now sold your loan to third party lender.
The Answer is NO!
Back to the question at hand, the short answer is no you cannot get
scammed if you are only selling a private note to a mortgage buyer
on the open market.
Getting Low-Balled on an Offer
Now that being said, getting scammed out of your mortgage note and
getting a low-ball offer (or ripped off on a note offer) are two
different things.
Anyone selling a mortgage note can get a low-ball offer and in
turn, get ripped off on note pricing. Let me throw a plug in here -
to avoid this issue, you need to work with a direct note buyer,
like us at Amerinote Xchange, in order to secure a solid note offer
and get the most cash possible for your mortgage note.
Protections and Procedures
I will say that after operating in the note buying industry for
over a decade, it is impossible for a private note seller to sell
their note to a note buyer and get scammed out of the mortgage note.
This is due to the simple fact that their are many layers of
procedures and protections in place in order to protect all
parties. These procedures allow the assignment of a mortgage to
take place ONLY if it is properly recorded through the county
courthouse and signed off by you - the note seller, thus becoming a
legal debt owed to the new owner (which is now enforceable in the
case of default).
As a matter of fact in most cases when Amerinote Xchange buy notes,
we actually fund the note sale transaction prior to the final
mortgage documents being recorded through the county recorders
office, so technically, you are still the owner of the note for
about 1-4 business days even after you receive your lump-sum
payment. This is not the case with all note buyers as some do
require the assignment of mortgage to be recorded before the note
seller receives their funds.
The Real Scammers in the Mortgage Note Industry
Now there is a area of this industry that you can get scammed out
of money which is if someone approaches you to invest your money
into mortgage notes at a guaranteed rate of return. If you are
thinking about investing in mortgage notes yourself, I would
definitely do a little research on the company or person soliciting
you. This is where you can get hurt...
If you have any questions about selling your mortgage note or any
questions about the industry in general, please feel free to
contact me at any time at: 415-295-1401 ext 3 (ask for Abby).
I look forward to meeting you at the Paper Source Note Symposium
April 24-26 in Las Vegas!
A P.S. from Bill Mencarow...
There will be no sales pitches in the room at the Note Symposium.
I believe it is unethical to ask people to spend their money to
come to an event advertised as educational and then subject them to
a stream of high pressure sales pitches for products, "boot camps,"
"mentoring," etc.
I have hand-picked each of our teachers. They will simply show you
how to do what they do successfully every day.
And you won't have to choose among several presentations
going on at the same time -- all take place in the same room.
I hope you will join us for THE cash flow note event of the
year!
More info: http://tinyurl.com/2014notesymposium or call
1-800-542-2270.
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