An offer has been made to me to co-sign on a 90,000 a house in mauii would be used as collateral via 3rd party lein and i would get 20,000 .
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
An offer has been made to me to co-sign on a 90,000 a house in mauii would be used as collateral via 3rd party lein and i would get 20,000 .
Is there a way minimze my risk and how do i verify that all the infomation is correct. The bank would paid every month via automatic payments from their bank account coming from SSI. The monthly bank payment would 900.00 per monthly the SSI 1100.00 is this too good to be true. Is this fraud of some kind?
Asked on May 14, 2009 under Business Law, Pennsylvania
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Yup, sounds like you would be a shell buyer and it would be a fraud on the bank. No way to minimize your risk other than to not do it.
Your next course to confirm if this is a scam, contact the Pennsylvania Dept of Banking and inquire with that agency. http://www.banking.state.pa.us/
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.