Has anyone every heard of a morgage that you refinance every 4 months and the broker pays you half the rebate?
I was approached by a broker that told me that I can set up a system with him that requires me to refinance my house every 4 months and he shares the lenders rebate with me. I would have to refinance at a much higher interest rate and he will pay me $2500 cash every 4 months. Has anyone ever heard of this or has a deal with a broker that is similar to this. The only info I can find on this is something called a "Dual Loan Scam". Is this the same thing? Is it a scam?
Report him to the state attorney office. Brokers like him give the rest of us a bad name. It is a scam, and if you go in with him, and he gets caught, you get caught too, and that means jail time, and attorney fees –
Do report him (ok), would you want someone like him helping a family member, friend with their financing needs, and personal information. If he is willing to do this, than what else is he into, with personal information he gets from clients……
We are licensed and governed by the state we are in, and licensed in. I for one would not want to loose my license and the lively hood for myself and my 2 sons. We have to follow the RESPA laws by the states. So again, report him…….
Good luck to you.