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Is this proposed transaction legal?

Posted by haywood on September 18, 2003 at 7:40 PM

I am selling a house. A loan rep. from Ameriquest, who is working with the prospective buyer called me with this proposal.

1)He wants me to refinance the house thru Ameriquest, Adding the prospective buyers as co-borrowers on the loan.

2) when refi-loan is funded, I retain 100% proceeds ($159K)less existing loan, & then quitclaim my ownership interest to the buyer.

3) he says since loan proceeds are tax free I effectively have sold the property with no tax liability.

4) the remaining borrowers continue to make payments on the loan.

Tell me if I'm wrong but my B.S. meter is blinking. It sounds like he is asking me to be an accessory to commit loan fraud & also tax evasion.

Are my instincts correct?

Should I call the Dept Of Real Estate?

Haywood


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