I just got an email from someone I know for help. Here’s the email:
"I need your help - in fact we can help each other!
I have a pending deal, but I need a FICA of 700 and over…or the deal will go under and I will loose my deposit !
You have a choice of being an equal equity holder or I can pay you $10,000 and then at close - do a quick claim of deed to add me to the “Title”. Please call me if you are interested. If this works then there will be more deals."
Is it as cut and dry as this person states? If I did decide to go ahead with this and closed, how would this impact me in the near future with respect to credit and liability? I don’t understand how a quick claim will get me out and free me from any inconvenience. If anyone can share some advice it would be great.
"I need your help - in fact we can help each other!
I have a pending deal, but I need a FICA of 700 and over...or the deal will go under and I will loose my deposit !
Here’s how I would translate this e-mail: “I’ve screwed up my credit so bad that no bank or other respectable person will trust me with their money. Since I have no money and bad credit, I thought that you might let me roll the dice with YOUR money - after all what do I have to lose? It’s YOUR credit!”
This is the third or fourth time in a short period that I have seen this or very similar verbiage…it sounds like a chain letter! Is someone teaching this?
I don’t know who is teaching it, but someone surely is. This is becoming a recurrent theme and I’ll have to say that it is effective. Each time it appears, an unsuspecting newbie is asking if it really is that easy. What shocks me is the number of people that will jump on just about any scheme to separate them from their money. With all the identity theft, scams, fraud, and Nigerian e-mail schemes, I would think that people would be a little more suspicious. I’d love to know how many people actually fall for this nonsense and destroy their credit in the process.
I would have to agree with propertymanager. It sounds like the offers I get sometimes wanting to “borrow” my bank account promising untold wealth in return. Beware…
i wouldn’t start sending spam emails to unknown people just yet but i’m doing a similar thing with some of my friends.
i find a deal, bring it to them. They go on the loan and everything [profit or loss] or 50-50%.
I’d stay away from blindly taking on a loan and titling the property to a stranger.