Posted on: 08th Aug, 2009 08:05 am
i am young and trying to create finnacial wealth and stability. i have a friend who did this process through a investment company. he told me that i can do the same, and what he did was , the investment company said that they would turn over a 62,500.00 house over to me free and clear with no leins. now , in return he said that i need to go get a loan from bank of america ( e.g.) he told me that i would need to seek a home equity loan and that they would give me a 80 percent home equity loan ( 50,000) with rates that i have to pay monthly like 390.00 then once you received the 50,000. , you give the investment group 43,000.00 of hte money for the home . they will give you 7,000.00 of the money upfront for you to do whatever you wanna do with it then he says you can sell the house in a year or so and get the equity that is in it out if you dont want to continue living in it. he said so far he has done this three times. making 21,000.00 off of all three properties . how real is this and what are the stipulations ?
This is a complicated deal and I don't think this would be a good option for creating financial wealth and stability. Moreover, lots of scams are taking place in the real estate market in the recent times. I would not say that this company would be a scam but there is always a risk in such type of deals. Moreover, the real estate market is going through a crisis and it is not easy to sell off the property. What if you are unable to sell off the property? In such a situation, you would be stuck with the home equity loan.
In my opinion, it would be better if you could contact a financial advisor. You can discuss your financial situation with him and he could give you options to improve your financial wealth and stability.
In my opinion, it would be better if you could contact a financial advisor. You can discuss your financial situation with him and he could give you options to improve your financial wealth and stability.