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  1. #1
    Join Date
    Nov 2005
    Posts
    2

    signing home equity over for a monthly %

    One of my coworkers wants me to sign over my equity in my home to him. He says he will pay me 1.5% a month for the "use" of my equity. He says he goes to a bank with the equity papers and gets a loan based on that note and buys property and flips it. Have you ever heard of this?

  2. #2
    Join Date
    Sep 2004
    Location
    Reality
    Posts
    947

    Re: signing home equity over for a monthly %

    He's no friend.

  3. #3
    Join Date
    Jun 2005
    Location
    Chicagoland
    Posts
    25

    Re: signing home equity over for a monthly %

    Why isn't he using his equity?

    If he doesn't own a home he can't be a very good real estate investor.

  4. #4
    Join Date
    Nov 2005
    Posts
    2

    Re: signing home equity over for a monthly %

    He already signed his over to someone else. Now he's trying to get a bunch together and "buy" large piece's of property. I think its a scam, and told him so. He's says its just like a bike with a loan. Just wondered if anyone had ever heard of this.

    bobby

  5. #5
    Join Date
    Dec 2005
    Posts
    3

    Re: signing home equity over for a monthly %

    Run, don't walk

  6. #6
    Join Date
    Feb 2006
    Posts
    14

    Re: signing home equity over for a monthly %

    Friends never pay money back. Especially when "you" didnt give it to him

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