Many people have questions about Phill Grove and his Assignment of Mortgage Payments System (AMPS) and this page is dedicated to answering those questions.

To see the answer to the question, simple click on the question and the answer will appear.

Assignment of mortgage payments system FAQ

• What is the Assignment of Mortgage Payments System?
  The Assignment of Mortgage Payments System (AMPS) is a program designed to sell ‘unsellable’ houses to ‘unloanable’ buyers without lowering median house value of the neighborhood using creative real estate investing strategies that work in today’s real estate market.  The assignment of mortgage payments system is a combination of wholesaling, subject-to, and owner financing strategies.
• Is the assignment of mortgage payments system the same as a mortgage assumption?
  No. When we perform a transaction using the Assignment of mortgage payments system, the original mortgage is still staying in the name of the original seller. The new buyer is not assuming the existing loan, rather, we are wrapping a new note around the original.
• Don't you have to be a Realtor to utilize the assignment of mortgage payments system?
  No. Following my assignment of mortgage payments system, you are not acting in Agency capacity on behalf of the seller. You have the property under contract, giving you the legal right to buy or assign the contract to another interested party for a fee.
• Does the assignment of mortgage payments system violate of the due on sales clause?
  There is a due on sales clause in just about every loan written these days that gives the lender the right to call a note due but there is no requirement that the lender exercise their due-on-sale rights. There is very little precedence showing that a lender is willing to do this in the case of an assignment of mortgage or even a rental. In fact, most lenders are content just to have the loan brought current and receive payments on the loan as originally intended, even though the payments come from someone else. With the high flux of foreclosures in place, lenders are seeking ways to keep loans performing, not seeking ways to foreclose on performing notes.
• Is the Assignment of Mortgage Payments System Legal?
  Yes. While I created the educational system known as the assignment of mortgage payments system and all the benefits of the AMPS program, the real estate strategy itself is not my invention. Back in the 1970s & 80s, when interest rates were in the high teens, people wanted to sell and buy houses without using banks. Using owner financing wraps was popular then. Given the fact that banks don’t want to loan now, owner financing wraps are popular now again and will be for the foreseeable future. For more information on the legality of the Assignment of Mortgage Payments System (AMPS), please watch my video with real estate attorney Bob Diamond.
• Is the Assignment of Mortgage Payments System Safe?
  This strategy of finding a distressed seller, getting the property under contract, and then assigning the contract for a fee, is a safe strategy provided you understand how to present, what paperwork to use, and follow proper procedures. When properly educated on this strategy, it can definitely be one of the safer and more profitable types of transactions because it requires no money or credit from the real estate investor to perform.  The assignment of mortgage payments system is what I call the ‘least worst option’ for the homeowner.  The best case scenario is selling your house conventionally for a profit.  However, if you’re unable to do so, the assignment of mortgage payments system is a better alternative than a short sale or foreclosure.
• What is the difference between the Assignment of Mortgage Payments System you're now offering and the Mortgage Assignment Profits System you used to offer?
  M.A.P.S. was renamed to AMPS because of the negative connotations of the term ‘Mortgage Assignments’ due to bank fraud that has been recently occurring. Many banks were fraudulently assigning mortgages they didn’t own in order to foreclose. I didn’t want to have my program named after such an event.  Plus, Keller Williams has a product called ‘MAPS Coaching’ and I didn’t want confusion between the two products. Also, as with all great programs, new information comes out and more technological upgrades occur. We now have legal contracts and law offices in all 50 states for this strategy, as well as Title Companies that will close in all 50 states as well. Our REI Matcher has been significantly upgraded to include ALL of your deals to be syndicated to 40 websites automatically. We’ve made other changes as well, but the fact that we now have a process with contracts, attorneys, Title Companies, sales scripts, sales copy, websites, and databases of information available in all 50 states is very exciting.
  .

• What is the REIMatcher?
  The REI Matcher is a Nationwide database that helps put sellers and buyers together for people using the Assignment of Mortgage Payments System (AMPS). You simply put in the demographics, area, and financial requirements of your property and post. You’ll automatically find buyers that meet your qualifications.
• Does the Assignment of Mortgage Payments System just teach one strategy?
  The assignment of mortgage payments system teaches real estate investors how to acquire and sell real estate without using their own money or credit.  In addition to subject -to and wholesaling, we also teach wrap around mortgages, lease-options, and equity holding trusts.
• What if the buyer defaults?
  It is possible that the new buyer will default on the loan despite proper screening and a sizable down payment.  Many people have defaulted on conventional loans as well.  Our system does disclose the risks of this type of transaction to the seller.  If this occurs, most likely the seller will call you and you will look for a new buyer. 
• Do I have any personal liability?
  You are essentially wholesaling a contract with owner financing in place, so you have the same liability as any other wholesaler.  However, if you follow our system, use the proper paperwork and disclosures, and close at a title company, then you will minimize your risks.  Also, as with any real estate strategy, I recommend that you do business through a business entity, such as an LLC or S-Corp to minimize risk. 
• Can Realtors use the Assignment of Mortgage Payments System?
  The assignment of mortgage payments system teaches people how to sell houses with owner financing. Given the fact that 85 million Americans can’t obtain bank financing, being able to sell a house without relying on the banks just makes good financial sense for Realtors!

Do you have a question about the Assignment of Mortgage Payments System that you would like answered?  Post your question below.

If you liked ‘FAQ’ about the assignment of mortgage payments system, then you may also enjoy:
Home