I posted this response in my Missouri home loan post, but I thought I’d make it a separate subject too.
Recently, I received an outside email from a lender who had seen my post here looking for a private mortgage loan, and he says he has a silent partner. He can give me a 6%, 30 yr loan for $325,000. Both he, and the lender, though, are not in the United States. He says silent partner wants a “security warrant” instead of real estate collateral, and it would somehow be attached to my equity line. The lender says his silent partner wants us to pay 20%, which the lender says he would fund to my account, so we wouldn’t pay anything.
Obviously, this sounds too good to be true and smells of scam. But has anyone else received an offer like this?
And if it’s a scam, and we don’t have to spend a penny of our own, what are they after?
Sounds like a scam to me!
if its outside the US, AND unsolicited marketing, the odds are its a SCAM!!
What they are looking for is your personal information. You would be providing them with your name, social, birthdate, address, phone, etc…
I would avoid anyone that is outside of the United States when it comes to lending. If you read the news you see that the rest of the world is pretty much worse of than we are when it comes to lending.
If you have an equity line big enough to secure a $325,000 mortgage, why don’t you just use that?
My vote: never give financial information to anyone who spams you.
If it sounds to good to be true… :deal
Thanks guys. I appreciate the advice.
very true…
I totally agree with you buddy… :anon