Home › Forums › General › EHTrust/EHT Topics and Creative Real Estate Financing › This needs to be addressed and in a hurry
September 27, 2007 at 3:02 am #3993
Look at what the Google rabbit pulls out of his hat.
Florida is one thing and this is another. Are we done? I sure hope not.
This will be a damn hard thing to explain! Bill, Scott, Tom please bust this one in the chops.
And please don’t delete this because this was easy to find on Google
needs to be addressed. ThanksSeptember 27, 2007 at 3:12 am #23051
I love “investigative reporting”….they seem to go out of their way to make EHC and the whole situation seem TERRIBLE and then give a 1 line response from Equity Holding Corp.September 27, 2007 at 4:38 am #23052
Media is out to make us all broke high tax paying idiots.September 27, 2007 at 5:17 am #23053
I beleive it best to leave this one to EHC. Personally I beleive their report is all bunk. They don’t have clue.
It does teach me one thing however… Don’t do Bailouts!September 27, 2007 at 8:02 am #23054
Here is the link to our Attorney in clip.
Here is her info from MartindaleHubble:
Kimberly D. Breger
Jamaica Plain, Massachusetts
(Admitted in New York; Not admitted in Massachusetts).
They didn’t have any background on her.
It seams we have an Attorney practicing Law in a state she is not licensed in Hmmmm
And she specializes in trust law Hmmmm
This is what they are teaching at Harvard guys and gals?
What is wrong with this picture
Scott, you are right buddy, let EHC handle this and definately don’t do bailouts.September 27, 2007 at 1:08 pm #23055
Again, as in Florida, the “investor” is stripping away equity. 68% interest??? If you are going to work with foreclosures (which in my opinion is really stupid in the current environment) and subject yourself to significant scrutiny, then do it with a heart.
1. Don’t increase the tenant’s monthly payments;
2. Never leave the Tenant with less than 82% of his/her equity.
Greedy people cause problems for all of us. It’s easy enough to make a nice profit and living by dealing fairly with people.
My advice: STAY AWAY FROM FORECLOSURES.
Homesavers, we’re not done. Take a Valium. This is just another example of someone using a system to rip people off, and I disagree with Marty who was defending, then probably erased the previous thread on Florida. When you’re messing with your client’s equity, you’re asking for trouble, whether it’s a lease option or whatever type of creative scheme you are using. It’s not our system, it’s the driver. DO NOT ERASE — IT WON’T GO AWAY.September 27, 2007 at 3:50 pm #23056
Thanks Gentlemen. I appreciate your input on this. Back to Business. I am sure this will come out positive. If you notice my name it is Home Savers. My intention was to help folk that are in foreclosure- keep their homes. This was over three years ago. I am no longer in that line of business. I agree. I DO NOT recommend foreclosure bailouts. Let them be stricken from the record.September 27, 2007 at 4:26 pm #23057
Marty does not have the access needed to edit or erase any posts or strings of posts on this Discussion Board, save for the ones he has posted himself.
Further, I encourage you to please consider the possibility of taking Marty at his word on the Clauss deal. Equity stripping was not an issue in that transaction.September 27, 2007 at 5:49 pm #23058
I appreciate all the really cool opinions and articles. I thank you all for posting them. As always, I read every single post on this Board and a few others out there in an attempt to further my own education and my base of knowledge so that I can better serve all of you.
I just went to the link provided above to read the article and view the video about Team 5′s Investigative Report. WOW!! I can’t believe what I just read and saw. This one is just a bit outside reality and pretty far from the truth, but it made for a spirited few minutes in my life.
Most of you in our extended NARS Community already realize that most of what you just read and saw is taken completely out of context and just plain wrong. For instance, as you all know, EHC is not in the business of initiating or generating Trust Docs or putting together these transactions, and never has been, yet the report intimated such. Also, EHC is not in the habit of loaning money at 68% (!!) interest inside of an equity holding title transfer transaction as was further reported. The reporter even made it sound like EHC had extensive contact with the distressed former homeowner before the Trust was put together in an attempt to coerce or convince them to sign Docs they did not understand.
Come on people! THINK!! That sure does not sound like the EHC that I know. I cannot even imagine Tom Standen, of all people, doing any of those things.
They even showed one of the Trust Docs that included an actual Trust Number on the screen. It very quickly occurred to me that it was not a set of Docs that NARS had generated. I have easy access to every set of Docs that we have generated for nearly the last decade and that Trust Number does not exist in our system. What that says to me is that some other party generated their own Docs for this transaction, likely altering or adjusting the system to benefit themselves and then used EHC as Trustee in an attempt to legitimize their deal.
Gee, go figure!
Take the risks of generating your own Docs and altering the trademarked NARS system and then find yourself in legal hot water.
Hm-m-m-m. Follow our suggested course of action using our Documentation like in the Virginia case and win in a slam dunk landslide in a Federal Court. Or, don’t follow our suggested course of action using our Documentation like in the Massachusetts case and lose big time.
Look, it’s your choice. It’s your business model.
Some people are able to strike out on their own, with little or no training, develop a product or a system, and become successful. Most cannot. Bill Gatten did. Through years of hard work, thousands of hours of research and development, tons of money and a whole lot of sweat, Bill has put together a system that thousands of you are right now learning and using to achieve success, become wealthy and live comfortable lives. Bill travels all over the country to teach his system and educate anyone who wishes to learn about all the intricacies of how to do as he has done and transact these deals in a legal, moral and ethical manner and live a good life.
I encourage you all to do the same and conduct your business in a legal, moral and ethical manner and live a good life.September 27, 2007 at 6:27 pm #23059
There was NO Equity Stripping in the Clauss transaction. We never, ever, ever take more than 10% of the value of the property as equity. Bill and I have spoken numerous times about the structure of those transactions and are in agreement of their fairness. It is the current environment that makes them as treacherous as they are.
Secondly, I did not, nor would I ever delete a post because someone didn’t agree with me, even if I could.
I am guessing that the thread on the Florida case was taken off by Bill or at his suggestion. Some of the references to the Virginia case, may have been a violation of the Settlement Agreement that we are about to sign.
LandPartners of America, Inc.September 28, 2007 at 5:03 pm #23060
I really hope Tom decides to go after that reporter for defamation. I watched that load of crap piece of supposed journalism, and wondered why they chose to single out EHC especially since during the story they show the court documents naming 6 defendants. Why no mention of Beforeclosures, Investar Holdings/Enterprises, or Development Management Solutions? These are the idiots that screwed this lady over, and I use lady loosely…what a liar she is! I didn’t know I signed the deed to EHC…come on! I used to want to help people in foreclosure now I say screw’em. SUE them EHC!!September 28, 2007 at 5:47 pm #23061
I really wish it was safe to work with foreclosures but no matter what lengths you go to you can end up in hot water deep enough to cost you your freedom and reputation. I am on a slow connection so I didn’t watch the video and have no idea on the specifics of what actually happened here so I am not speaking about them, but foreclosure rescue/bailouts in general.
My personal opinion is that if you enter into an agreement, with or without legal counsel, you should have to live up to it. The government is way to involved in our everyday lives as it is and they feel this need to protect people from themselves at the expense of the other party because it makes them look like they are the protectors of the down and out, the little guy who is being “taken advantage of”, when in most cases it couldn’t be further from the truth. And you know DAMN WELL that the AG’s and every other attorney involved in such cases is coaching the “poor ex-homeowner” as what to say and do. WHY ISN’T that a crime? It should be nothing less than perjury and some sort of fraud on part of the lawyers, attorneys, AG, ect involved….you really don’t think it is a coincidence that every single time a case comes up like this the very same charges are brought do you? Of course not! The legal counsel they now have at no upfront cost to the deadbeat knows what works and what they need to say.
Right now I wouldn’t touch a foreclosure with a 10 foot pole you let me borrow, let alone my own. It is a sport for AG’s right now to see how many big, bad real estate investors they can take down and unfortunately the 1 person who has committed terrible acts of greed, illegal activity, fraud, and all that makes the next 1000 look no better especially once the “unbiased (YEAH RIGHT)” media gets a hold of the story. The “Drive-By Media” is a joke and has way to much influence on every day, average people.September 28, 2007 at 7:18 pm #23062
so if the seller was behind 2 months, and the seller agreed to move out if you had an RB to cure the backpayments, is this still the same as a foreclosure bailout/rescue?September 28, 2007 at 9:24 pm #23063
It is only a foreclosure bailout if you allow the owner of the property to stay in the property. Technically speaking a foreclosure bailout would take place after they have gone 90 days in arrears or have been notified by the bank of their notice of default. However, I believe some states have even tightened that up.
The overall problem is our legal system. The “consumer” attorneys put together a suit that they feel will be more costly for you to defend than you are willing to. It is nothing short of extortion. The attorneys know it. The judges know it. But as long as the lawmakers are attorneys….we will have the problem.
LandPartners of America, Inc.September 28, 2007 at 10:09 pm #23064
Why are we even talking about foreclosure or foreclosure bail-outs! This couple became settlors in a Land Trust, transferred ownership to a Trustee EHC, and NNN leased the property back from the Trust. I don’t know of any state that has foreclosure laws for NON OWNER OCCUPIED single family dwellings! California probably has the strictest foreclosure legislation (Statute1695) in the country … and these circumstances are not a foreclosure Here!
I am really concerned that the Investor Beneficiaries didn’t instruct EHC to fight back and go to court! What was done by this submission puts a crack in the very core of the foundation of our EhTrust NARS System!
Something wasn’t kosher here
You must be logged in to reply to this topic.