Is Every Online Offer With This Format A Scam?
http://www.landlordsoftware.com/foreclos…
I haven’t even read it yet, I just typed foreclosure system into Google because I knew I would get at least a few links to pages like this one. The question isn’t about whether this product in particular is legitimate. The question is, are products sold with that format, with the highlighted numbers and words, and words in bold, and free bonus this, and free bonus that ever actually legitimate? Or is that always the sign of a scam?
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Comments
Preforeclosure is the scam aspect of this scheme.
The owner stilll owns the home, this is a short sale situation. In 100% of short sale situations, the lender will have to approve any sale contract. Lenders are not in the habit of taking ridiculously low offers for their properties.
So, yes, this is a scam.












One aspect of this scam is that you take over payments when the owner signs the deed over to you. Unfortunately this does not protect either party.
The owner still has the loan in their name, the pre-foreclosure “expert” is making payments to the bank directly with a cashiers check (no tracking of personal checks). If they quit making payments, the original loan is still being foreclosed on as before, but the owner no longer has the house.
The main risk is that if the bank finds out, the “due on sale” clause in all loans is triggered and the original owner now has to pay the remaining balance of the mortgage principal and all the payments you made are gone.
Besides being illegal because of the avoidance of the “due on sale” clause. nobody wins in the long run.
When you take over the property and want to sell it, the title search will show that the original loan as a lean and now the lender will discover that you own the house (deed transfer).
Once again, if they are so sure about their “system”, why aren’t they doing it instead of selling a $50 book about it?
Remember: “Those who can, do! Those who can’t, teach”