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 .
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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 14 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/
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