DOS CLAUSE - Posted by Brad

import · April 10, 1999, 10:41pm

Re: What a Joke! - Posted by Vickie

Posted by Vickie on April 10, 1999 at 22:41:23:

If you do a little research instead of guessing, any time a BBB is expelled, that area is taken over by another regional office. Their absolutely is a BBB in the Miami area that handles all companies in the Fort Meyers area.

According to the State Attorney General in Florida, any problem or complaint brought to the understanding to NationWide has been satisfied. As many have mentioned, any large company has its share of complaints. A company that stands by its reputation and handles problems is much better than a company that doesn’t according to the Attorney General’s office.

Yes, you can buy courses for less than $500 and you can do deals on your own. My reason for partnering with NationWide was the consulting and training that was invaluable to me as a beginner along the way. You criticize them for charging $500 but doesn’t Ron LeGrand, Russ Whitney, and Carleton Sheets charge thousands for their boot camps and coaching?

My opinion is if I paid $500 to NationWide and they didn’t accept deals that fell into their initial criteria, I would file a complaint with the Attorney General and demand my money back. The Attorney General’s office has said if their were numerous complaints for not partnering, NationWide would immediately be required to restructure their literature and not promote their offer to partner deals.

I first started working with NationWide about 6 months ago and I submitted 6 deals with them that fell into their criteria. They accepted every one!!! and more importantly, their consulting, advice, training, and materials increased my confidence, helped handle my daily fears, and have made me confident in doing deals on my own.

Good luck in building your career

import · April 10, 1999, 4:24pm

Brad, you win . . . - Posted by Joe Kaiser

Posted by Joe Kaiser on April 10, 1999 at 16:24:08:

. . . my vote for the dumbest thread in a very long time here. It’s a complete waste of our time and I for one would be very happy if you’d move on to something that hasn’t already been thoroughly hashed any number of times before.

You motives are transparent and your knowledge, experience, etc. are obviously not in this arena. Frankly, your statements are downright childish.

Please respond in your simple minded manner so I can get it over with and never have to respond to your brainless comments here again.

Joe

import · April 10, 1999, 4:32pm

DumbStampped? - Posted by JoeKaiser

Posted by JoeKaiser on April 10, 1999 at 16:32:39:

…

import · April 10, 1999, 2:39pm

Re: SHOW ME THE EVIDENCE…AGAIN - Posted by JPiper

Posted by JPiper on April 10, 1999 at 14:39:42:

Just thought I would give you a bit more “nonsense”.

Teams of lawyers have written the due on sale clause that has been quoted to you twice at this point. They carefully analyzed the wording that they wanted to insert in their deed of trust/mortgage. I’m guessing that they left nothing to chance, that we don’t have to worry about what the clause “implies” as you say. We are able to rely on what the clause SAYS.

But here’s another fact for you to review. Here’s the definition of the “due on sale clause” given by the Garn St. Germain Act of 1982, the federal law that originally permitted the use of a due on sale clause by federal lending institutions, along with the exemptions to the clause:

“(1) the term ‘‘due-on-sale clause’’ means a contract provision which authorizes a lender, at its option, to declare due and payable sums secured by the lender’s security instrument if all or any part of the property, or an interest therein, securing the real property loan is sold or transferred without the lender’s prior written consent;”

Again, I don’t notice anything that requires notification of a transfer?..do you? Perhaps Congress and teams of lawyers left us all to “imply” what the meaning of federal law was, what the meaning of their loan documents were.

Here’s reality. There is no law against transferring a property?it’s called a property right?.it requires no permission or notification. If I transfer without lender permission then the clause and federal law give the lender the right to call the loan (assuming the transfer does not fit within an exemption)?..at their OPTION. If they call the loan I have the right under the clause to pay the loan off.

Here’s what Garn-St Germaine states regarding paying the loan off:

“(3) In the exercise of its option under a due-on-sale clause, a lender is encouraged to permit an assumption of a real property loan at the existing contract rate or at a rate which is at or below the average between the contract and market rates, and nothing in this section shall be interpreted to prohibit any such assumption.”

So not only do I have the right under the clause to pay the loan off IF the lender calls it due (by either refinancing or paying cash), Congress has seen fit to “encourage” the lender to permit the assumption of this loan. Doesn’t seem like the lender’s lawyers or the Congress was leaving anything up to “implication” does it?

As to your challenge, I’m not interested in determining how a bank “feels” about the due on sale clause. What I am interested in is dealing with FACTS, which you seem to be unable to provide, and which you evidently choose to ignore.

On the other hand, I have quoted a due on sale clause twice and quoted some of the elements of federal law for you. When you choose to elevate your argument from it’s current emotional level to something based on fact, I will respond further. Until then, I will assume you prefer to continue on in ignorance.

JPiper

import · April 10, 1999, 2:03pm

Challenge for Brad… - Posted by Daniel Lubell

Posted by Daniel Lubell on April 10, 1999 at 14:03:27:

Brad,
As you can see from my post above, I once did EXACTLY what you are challenging Jim to do. As a matter of fact, Jim had a situation that he posted on this board awhile back, where the lender did find out about the DOS due to an insurance policy. THE END RESULT: the lender allowed the loan to stay in place; problem solved.
So, both Mr. Piper and myself have apparently already passed your little “test”. Since you are such an ethical person, however, I have a little test for you.
Send me your tax return. I will audit it. Then, if I feel you have done anything “unethical”, I will call the IRS and request an audit for you. Of course, I am sure you will agree with this, since you have nothing to hide, right?

Daniel Lubell

import · April 11, 1999, 1:10am

Re: What a Joke! - Posted by SCook85

Posted by SCook85 on April 11, 1999 at 01:10:30:

I hate to have to get involved in this one but I don’t believe you about the 6 deals you claim to have funded. I do deals on my own and have been working with 2 people who are so called partners of Nationwide. I’ve seen a deal that far exceeded there criteria and they would not fund the deal. What there lame excuse was I don’t know, but I just got the impression that they are just a lot of hype and don’t produce.
Also to my surprise I had an opportunity to see there materials this weekend. My brother of all people bought it and is sending it back for a refund. The materials were very basic. Through all the chapters they kept refering to there joint venture and how when a deal doesn’t qualify they will assist you. It was obvious that they continued to set you up to figure out a way to get these deals done because they were not going to help.

It is easy to come on here and get emotional and say things like they have helped you complete 6 deals. None of us has anyway of verifying it, but please, you can put an end to all of this if you are willing to prove to everyone that they have helped you with 6 deals. Can you prove it or have they gotten to you that bad?

SCook85

import · April 10, 1999, 11:03pm

Re: What a Joke! - Posted by JohnBoy

Posted by JohnBoy on April 10, 1999 at 23:03:52:

I wasn’t guessing. You can check it for yourself on the main web site of the BBB. Here is what it says regarding the BBB in Miami and Fort Meyers:

“At present, there is no Better Business Bureau serving the Miami/Ft. Myers area of Florida (counties of Charlotte, Lee, Collier, Dade and Monroe).”

As far as filing complaints to get their money back, that seems to be exactly what they’ve had to do in order to get a refund. Since most people don’t bother and feel they were just ripped off and don’t like to admit they were ripped off and just forget about, that company can make a lot of money from scaming people. If they refund the ones that do go through the trouble of filing a complaint, then they’re able to stay in business longer and get away with ripping off most people since most don’t file a complaint. Not a bad racket. Whats hal dozen refunds out of 100 sales??

I don’t criticize them for charging $500 to sell a course or offer consulting or training. I don’t see any problem with that if that’s what they were promoting to sell. But that’s not what they promote. They promote that they will fund your deals using their money which they never do! They promote one thing and say another after they took your money. Are all these people complaing just making this up??

Since Nationwide refuses to give references and you claim they have excepted all 6 of the deals you submitted to them, and as long as you feel the need to defend their program so much, would you care to share the addresses of those 6 properties they funded for you??? Just the addresses would be enough so that they can be verified through the county records will do. So what do say? Or is this the part where more lame excuses come in???

import · April 10, 1999, 6:48pm

Awww, come on, Jim… - Posted by Michael Murray

Posted by Michael Murray on April 10, 1999 at 18:48:47:

Don’t cloud the issue with facts!
LOL
Michael Murray

import · April 10, 1999, 5:29pm

Re: SHOW ME THE EVIDENCE…AGAIN - Posted by Matthew Chan

Posted by Matthew Chan on April 10, 1999 at 17:29:37:

Jim,

Give it up. You’ve done your best. People like Brad live in a black & white world. Teenagers and people in their early 20’s tend to be that way. But when they start experiencing a few hard knocks and find out the “truth” about what they are defending, they won’t be so quick to say a bank or company is absolutely right. The world becomes more grey at at that point.

I’ve seen people who try to do this black & white routine. They are the ones who have the most stress because they can’t understand that life is really full of greys.

Let the naysayers get it off their chest. It makes them feel better. We can simply ignore the rest.

import · April 10, 1999, 7:16pm

Re: Challenge for Brad… - Posted by David Alexander

Posted by David Alexander on April 10, 1999 at 19:16:59:

What is their to do that is unethical, when all you have to do is put the numbers from your W-2 on the form, and then wait for a check to get back. LOL. The good news is that we have someone that follows direction well, maybe he needs a new job.

David Alexander

import · April 10, 1999, 11:23pm

Re: What a Joke! - Posted by Vickie

Posted by Vickie on April 10, 1999 at 23:23:17:

Here they are:

(1) 432 Grove Lane, Santa Barbara CA
(2) 3047 Paseo Drive, Santa Barbara CA
(3) 47 San Dimas Ave, Santa Barbara CA
(4) 9906 Anzac Ave, LA
(5) 3354 Cardiff Ave, LA
(6) 4544 Los Feliz Blvd, Orange County

No lame excuses here!!

As for the scam, try and find a newspaper article that has investigated and criticized NationWide (not an editorial page). It doesn’t exist.

With regards to the BBB, a local office does cover the Fort Myers area (I don’t remember which one), and the State Attorney General would definitely handle all problems with NationWide and at least begin to shut them down if they were not following through on what they advertise. Currently, the State has no lawsuits, no liens, no judgements, and no outstanding complaints against NationWide. You would think at least one newspaper article, one individual, or someone out of the thousands of people (you say) have been scammed by them would come forward.

The facts are they help out a lot of people. A wise person once said ‘the world is full of negative people!’. At least if you personally have something against NationWide, be responsible and back it up with facts.

Good luck in your career

import · April 10, 1999, 10:48pm

Re: Black & White - Posted by Charles - DFW

Posted by Charles - DFW on April 10, 1999 at 22:48:54:

Actually, I think Jim’s world is black & white.

Also, if interest rates jump up, I think banks will become more motivated to find the loans that they can exercise the “DOS” clause, if only to, as Jim pointed out, get fair market interest rate.

Charles