-
Hi all, I am currently a loan officer with a mortgage bank in NYC?
Posted on May 4th, 2010 4 comments
MillK J asked:
However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder’s fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who’s 4 months behind on her mortgage N facing foreclosure. So I get all the client’s information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?
ThomasRenting & Real Estate 4 Months, Acceptable Practice, Advice, Cold Calling, Current Market, Facing Foreclosure, Investors, Licensed Real Estate, Liquid Cash, Loan Officer, Mortgage Bank, Mortgage Foreclosure, Mortgage Leads, Percentage Changes, Real Estate Agent4 responses to “Hi all, I am currently a loan officer with a mortgage bank in NYC?”
-
If it SEEMS too good to be true, IT IS
Don’t wind up in jail or getting screwed out of a TON of money over something like this.
This SCREAMS SCAM -
You better pray your employer does not find out what you are doing. You could end THEM up before a federal jury.
-
if you have a fee agreement i don’t think it is a problem. i see this done alot but with commercial real estate and other commercial products. you might want to check into the residential real estate laws to see if this is legal. or just ask the people who gave you this proposition I’m sure they don’t want to get into any trouble either.
-
nick k May 12th, 2010 at 15:04
Not legal, since you are receiving commission from real estate and you are not a licensed realtor. Check your RESPA guidelines
You can get into some legal issues if a borrower feels they were taken advantage of and they come back on you.
Powered by Yahoo! Answers
I_Love_McRedneck May 6th, 2010 at 18:37