+ Reply to Thread
Results 1 to 9 of 9

  1. #1
    Join Date
    May 2008
    Posts
    16

    Anyone hear of these???

    I heard from a couple of friends over the weekend of a company out of Florida offer anyone with 720 Credit to partner up with them buy properties at discount. Basically with 720 FICO, you will get the loan to buy the home say worth $800K for only $550K. They will give you $100K at signing. I told my friends, that's sound "too good to be true"....there must be a catch somewhere. I told them say what if they don't make the payment after you obtain the home for them......

    Just thought I check here to see if any of you heard of this? If my memory served me correctly, I heard of similar thing like this in 2005 already. Not sure.

  2. #2
    Join Date
    May 2008
    Posts
    16

    Re: Anyone hear of these???

    Oh I forgot about the other one. Another friend said that a loan officer told him that with 720 FICO, he can get an unsecured credit line of up to $300K with 10-18% interest no question ask. Is this true? I mean that is better some of the credit card deal I have seen. And lots of $$$ to have even if one has to file BK afterward :ylsuper::ylsuper:

  3. #3
    Join Date
    Jan 2007
    Posts
    90

    Re: Anyone hear of these???

    Even without knowing the company, it sounds VERY shady to me.

  4. #4
    Lord_jag's Avatar
    Lord_jag is offline I am God because I say I am. Prove me wrong. User Rank
    Join Date
    Sep 2006
    Posts
    2,796

    Re: Anyone hear of these???

    Quote Originally Posted by Network Guy View Post
    Oh I forgot about the other one. Another friend said that a loan officer told him that with 720 FICO, he can get an unsecured credit line of up to $300K with 10-18% interest no question ask. Is this true? I mean that is better some of the credit card deal I have seen. And lots of $$$ to have even if one has to file BK afterward :ylsuper::ylsuper:
    720 is a great credit score. You'd need decent income to be able to back that up as well as a proven knowledge of what *credit* means.

    10-18% is a HORRIBLE DESPICABLE interest rate. Prime plus one is what I consider the absolute max I'd go for.

    Sure it's unsecured, but they can do an awful lot to you to get it back, and 300K isn't that much money anymore. The chances of you going out and blowing that much cash and not having the means to pay it back is rather unlikely. Not with a 720, though you could take all the money, give it to an investment partner and go bankrupt... then let them suppor you for the next decade... Just so long as you never want to buy anything or do anything for a decade LOL

    Yeah it's probably a scam. Who owns the house? The owner won't let go of the house for cheap... Unless it's only worth 450K or something. Something wreaks in that deal.

    Better question - do you want a house there?
    A real, honest, falsifiable claim made b.y Seer of dreams:(2011)
    Quote Originally Posted by Cnance View Post
    I believe there will be a nuclear war in October of this year.
    Oh Cnance.... Full of shit as always.

  5. #5
    Join Date
    May 2008
    Posts
    16

    Re: Anyone hear of these???

    No, I definitely don't want a house there. My friend is not in for the house but the promise of the $100K. Now, whether or not the current owner will let it go for that he really would care.....but I am pretty sure they will let it go. Otherwise there is no deal right? And no deal mean no $, no risk.

    I am just posting to see if anyone heard or experience any of this so I can let my friend know the details of the loophole/trap/crack there is. Thanks for the reply though.



    Quote Originally Posted by Lord_jag View Post
    720 is a great credit score. You'd need decent income to be able to back that up as well as a proven knowledge of what *credit* means.

    10-18% is a HORRIBLE DESPICABLE interest rate. Prime plus one is what I consider the absolute max I'd go for.

    Sure it's unsecured, but they can do an awful lot to you to get it back, and 300K isn't that much money anymore. The chances of you going out and blowing that much cash and not having the means to pay it back is rather unlikely. Not with a 720, though you could take all the money, give it to an investment partner and go bankrupt... then let them suppor you for the next decade... Just so long as you never want to buy anything or do anything for a decade LOL

    Yeah it's probably a scam. Who owns the house? The owner won't let go of the house for cheap... Unless it's only worth 450K or something. Something wreaks in that deal.

    Better question - do you want a house there?

  6. #6
    Lord_jag's Avatar
    Lord_jag is offline I am God because I say I am. Prove me wrong. User Rank
    Join Date
    Sep 2006
    Posts
    2,796

    Re: Anyone hear of these???

    Quote Originally Posted by Network Guy View Post
    No, I definitely don't want a house there. My friend is not in for the house but the promise of the $100K. Now, whether or not the current owner will let it go for that he really would care.....but I am pretty sure they will let it go. Otherwise there is no deal right? And no deal mean no $, no risk.

    I am just posting to see if anyone heard or experience any of this so I can let my friend know the details of the loophole/trap/crack there is. Thanks for the reply though.
    But... that's exactly the problem. The person selling doesn't care what your credit rating is. He doesn't care how you get the money. Unless he's financing the house himself (which is illegal in Canada).

    There's something really fishy about that.
    A real, honest, falsifiable claim made b.y Seer of dreams:(2011)
    Quote Originally Posted by Cnance View Post
    I believe there will be a nuclear war in October of this year.
    Oh Cnance.... Full of shit as always.

  7. #7
    Join Date
    May 2008
    Posts
    28

    Re: Anyone hear of these???

    First of all, the house is not worth 850k, it is worth what is sells for. Last year's price is history; next year's price is anybody's guess.

    The scammers are not getting you a deal, they are just using your debt to buy the house. I know this because anybody who actually had knowledge of a great deal would either 1) take advantage of it themselves; or 2) tell a close friend; or 3) profit from the knowledge. But your scammers are *giving* you money to join them ? Yeah right.

    Whether the 100k is just your own debt in the form or cash out financing, or pseudo - home equity, I cannot say. You can only be sure that at the end of the transaction you will owe a lot more than 100k, and likely have a fraud investigation knocking on your door. Your 'business partners' will be long gone, or in jail.

    Around 30% of the US has a credit score of 720 or greater. It *might* be part of scam to actually take out a loan in your name, but I think it is just as likely there to make the mark feel special, as if they have something worth 100k. You do not.

  8. #8
    Join Date
    Sep 2008
    Posts
    2

    Re: Anyone hear of these???

    In the mortgage business for 30+ yrs. Somebody's going to get stuck with a house payment - your friend. They will make even more money on it, abandon it and whoever is on the loan/deed is responsible for the payments. There is a whole subdivision in Atlanta with straw buyers. Houses sold for $500,000 plus with the promise the seller would take care of the payment. All but four out of 22 homes are in foreclosure and selling for $180,000 to $220,000.

  9. #9
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Anyone hear of these???

    Quote Originally Posted by Network Guy View Post
    I heard from a couple of friends over the weekend of a company out of Florida offer anyone with 720 Credit to partner up with them buy properties at discount. Basically with 720 FICO, you will get the loan to buy the home say worth $800K for only $550K. They will give you $100K at signing. I told my friends, that's sound "too good to be true"....there must be a catch somewhere. I told them say what if they don't make the payment after you obtain the home for them......

    Just thought I check here to see if any of you heard of this? If my memory served me correctly, I heard of similar thing like this in 2005 already. Not sure.
    I would suggest your friends contact their local FBI office. :judges:

    The Honorable Judge Roy Bean
    http://www.loansharks.blogspot.com

Similar Threads

  1. The Hear Now
    By karenzd1 in forum Mail Order Scams
    Replies: 38
    Last Post: 02-14-2012, 10:00 AM
  2. Ok, let's hear it.
    By FabulousFraggle in forum Mail Order Scams
    Replies: 2
    Last Post: 08-16-2011, 07:56 AM
  3. Did anyone hear this?
    By DoubleP in forum Political Scams
    Replies: 25
    Last Post: 12-23-2009, 03:13 PM
  4. Have any of you hear about..
    By riosfernando in forum Mail Order Scams
    Replies: 1
    Last Post: 08-07-2008, 04:15 PM
  5. Anyone Hear About this One?
    By Vorvis in forum Mail Order Scams
    Replies: 3
    Last Post: 04-07-2007, 07:18 PM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may edit your posts
  •