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FIB - Scams 101 - Ye Olde Archives
Posted By: Jim In Response To: Re: National Capital Funding Group (Tim Clark)
Monday, 27 December 2004, at 12:41 p.m.
I signed up today! Of course after I gave them my checking account info I decided to search the net and found this site. The person I spoke with was very nice. She explained that I would be searching county records for privately held deeds. The letter of solicitation would offer a lump sum payment to take over the privately held deed or mortgate. I would get a commission for each letter that resulted in successful offer. I would be responsible for supplies, paper, envelopes stamps etc... but that these are tax deductable in addition to my PC and internet connection fees. I was told on average for the 10-20 hours a week put in at one successful referral was the norm. This successful referral would equate to between $500-$2000 depending on the amount of the transaction. I am going to be optimistic and if nothing happens I'm out $89 plus another $40 for stamps etc... I'l try to keep everyone posted. Wish me luck!!!
> I also called them today while looking for an "at home" type
> job. I'm in the mortgage industry and questioned whether or not there
> would be a conflict of interest. Of course, the lady said no.
> Here is something esle to consider. You pay for the software, which they
> can't tell you what it does...then you pay to print solicitation letters,
> pay for envelopes, and then pay for postage of your letter to these
> prospects. They say that you will get some type of update letter to show
> what's in your "pipeline".
> Here is what I see. This company (..um ?) charges you money to perform
> their marketing functions. You incur all the cost to drive business in the
> door but are provided little guarantee that your sales will be credited
> back to you in the form of a check. Their sales pitch is that you get to
> split the broker fee 50/50 however they are unable to tell you what the
> broker fee is. Is it a percentage of the loan amount, a flat fee, % of
> funded balance, closing costs, points, basis points??????
> Look...the info you are being told to go and find for them is PUBLIC
> RECORD!!! Once a person obtains a mortgage or home equity product, it is
> recorded with the county and then becomes available to the public. If I
> want to know who my neighbor's mortgage is with and how much they owe, I
> can walk down to the recorders office and look it up....for free. The only
> thing I can think of that the software might do is help pre-qualify
> customers. When I called, they said I could pay the money to learn
> more.....while holding the carrot of "If I offer you the job
> today"
> The business concept seems legit.....but I can't see paying money to get
> started. Nor have I seen a post of someone actually getting paid doing
> this. I'm going to keep my $90 and remain skeptical.
> I'll tell you what.....somebody pay the $90 and burn me a copy of the CD.
> I'll find a few prospects, print the letters, sign them, stuff the
> envelopes, lick and attach the stamps, and drop them in the mail
> box......then we can split the broker fee.....just make sure to also send
> me you social security, checking account, & the routing numbers to get
> started!