Are you a straw buyer? If you are you are helping to perpetuate loan fraud. Sure signs you may be a straw buyer;
- You are approached to help someone else buy a house for investment purposes
- You are told you’ll have to do nothing but take out the mortgage in your name
- You will be paid several thousand dollars upon a successful closing
- You will share in the backside rewards of appreciation once the house is sold
On the surface, none of the items listed above is illegal. In fact, all can be done individually or grouped together in very legal fashion. But many, many times it’s a wide-open door for you to be defrauded.
Listen, YOU have to do YOUR due diligence. No one can do it for you save a very TRUSTED and TESTED source. Most straw buyers have never seen the houses they helped to purchase. That should be a warning sign right there.