It's a dishonest promise.If you are in foreclosure, it sounds like you are either there or headed that way,  what you are encountering is a "foreclosure scheme" they are illegal in most places and for good reason.

This would be illegal unless the loans were already assigned over to the Lender and held in escrow or trust at custodian. 

Focus on learning how they generate leads, negotiate deals, and close transactions.

Quote from @Adam Macias: Wholesaling as it is today will be a thing of the past.It’ll truly be strange to even hear people and gurus trying to make big money off it.The more people try wholesaling but then end up not having an end buyer or cancelling contracts or trying weird things like novations, the more all of real estate will be regulated and cause requirements like licensing to be able to transact more than just your personal resident purchase.Which I don't know why hasn't happened sooner.Here's all the states (in red or yellow) requiring a license to wholesale or at least have started the process:Credit: REITipsterI think licensing and regulation is a beautiful thing that should happen if you plan to be an wholesaler and do more than one deal... which is going to be the case for anyone taking this business seriously.Or even it being regulated to need a real estate agent to do more than one deal outside of buying a personal residence.I've had plenty of failed attempts with agents in pursuit of wholesale deals and I know exactly why, it's not because the agent couldn't find me deals, it's just not practical to think there's opportunity for the numbers a wholesaler needs to make a profit on top of everyone else needing to these days.Because the only sellers who truly can sell at a deep enough discount are usually those who ran out of time and just didn't do something sooner with their situation.I know many coaches and gurus will disagree with me but there’s no regulations on youtube gurus and what they teach either.If we look at the current state of the market in hot cities, the availability of online resources to the average homeowner, how many deals can you possibly believe are available at 70% of ARV?

They can bring it to open market and facilitate the transaction. 

Quote from @Martin Streich: @Sami Gren  it is illegal to edit a contract midtermThat is not true.

Real estate transactions with non-profit organizations like nursing homes or religious entities can indeed be unique, but they’re often manageable with the right approach.

Incidentally this is the perfect scenario where a checkbook IRA is going to be far superior to having to go through the custodian for every transaction. 

Interesting that this seems to cover all property zoned residential, with no apparent carve out for a transaction of residential property between two investors.  

Be wary of the facebook groups as most folks will have a "pitch" or just see the possibility of a transaction.