Has any one heard of http://www.securedassetsgroup.com/ ?

Asked by Amir Shahkarami, Cupertino, CA Fri Jan 21, 2011

Has any one heard of http://www.securedassetsgroup.com/ ? They claim to stop the forclosure for distressed home owners through a combination of deed transfer, chapter 11 and insurance coverage.

Has any one heard of http://www.securedassetsgroup.com/

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5
Don Albino, Home Owner, Clovis, CA
Wed May 4, 2011
The property is placed into a trust where the service provider is the trustee and you 100% the beneficiary, 1/8 is deeded to service provider which has a chapter 11 in place. IS NOT an individual BK, is a corporation BK. After the service provider exhaust the lender's remedy, the lender is taken to court, where the service provider will tender 100% the amount of the note in exchange of the original instrument of indebtedness (the note) in its original form. If the lender brings the original instrument they get paid thru a court order the full amount, if they don't UCC code 3.603b and 3.604. I both cases the homeowner will get a principal reduction to 45% of the tax assessed value and payment will be based on 30yrs at 1% interest.
In my personal opinion this is a great program. But you have to do a lot of research, not about the company about the law codes they use to find the remedy.
Web Reference:  http://ThePlanToWin.com
0 votes
Storminnorman, , Michigan
Thu Mar 10, 2011
Re-Shel-lee Davis

I been researching them all day today and found your site. The part about running when someone tells you to sign over your home is correct. run.or ask a lot of questions and involve your own attorney..But the the bankruptcy part you stated is incorrect. It reads like this: you sign over the deed to securedassetsgroup and THEY include it in a chapter 11 they have filed. So the bk isnt on my file its against their corp. just a fyi. I am doing research on the company and will write back if I find anything good or bad.

Norm
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Fri Jan 21, 2011
Amir:

I spent some time looking at the site. It appears that this group is looking to try and use the MERS situation (general inability to match actual paperwork all the way through the process of securitizing the mortgages) to allow people to stay in their homes even though they are not making their payments. There is something about getting something for nothing (ie living in a home and not paying mortgage or rent) that just seems wrong on the face of it.

Anyway, back to your question about this web site. I have had many discussions with attorneys regarding several of the red flags in this program. This is my understanding of what they have said. (Before you recommend this program to any of your clients, I would definitely have your legal counsel look it over. It smells little fishy.)

First red flag: SIGN YOUR HOME OVER TO ME. The minute someone hears this, they should run, because signing your home over to another person does not relieve you from the debt. It does, however, prevent you from negotiating with your lender, selling your home, or taking any other action regarding your home, because you just gave it away.

Second red flag: FILE BANKRUPTCY. Now your client has given their home away and then taken another step toward damaging their credit by filing for protection under Federal Bankruptcy laws. Bankruptcy can slow down the foreclosure process, but I have not heard of it stopping the process. The bank just has to apply for relief of the automatic stay, which is what slows things down. But, since they have a security interest in an asset of the estate and, due to non-payment of the debt, the right to pursue payment through liquidation of the asset, the foreclosure will proceed. I can't tell you how many calls I have received from people who thought they would be able to keep their house by filing BK only to lose it 3 to 6 months later to foreclosure anyway. Now they have BOTH a BK and a FORECLOSURE on their credit. And they paid some attorney to file the BK for them. Money they could have used to move into a rental.

Not sure where the insurance coverage comes in. My guess, this is to cover Secured Assets, not the home owner.

I am not an attorney, so if you intend to use this service, have your attorney check it out. It would be a real shame if you lost your license, and therefore your livelihood, by endorsing something that may not be above board.

Of course, if you find out that this system can really help homeowners legally, and at no cost to them, please share with the rest of us. Meanwhile, it walks like a duck, it quacks like a duck, and it swims like a duck. I think it is probably another duck in this mess of duck soup. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes
Mitch Larriv…, , Orlando, FL
Fri Jan 21, 2011
..Never heard of them. Are they specific to local areas??
0 votes
Sally Lawren…, Agent, Tehachapi, CA
Fri Jan 21, 2011
Haven't run into them. How did you come across them?
0 votes
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