Posted by Ed Copp (OH) on October 23, 2003 at 20:15:21:
Bringing buyer and seller together for a fee (in this case half of the profit) is real estate brokering and usually requires a license, for him not you.
Let’s see a second mortgage that has no interest rate because nobody is going to collect on it, will not be recorded because of …see above. Smells like some kind of deception to me. On the surface it looks like loan fraud. 10-20 I doubt it, they just do not have room for you. $10,000 fine or some kind of judgement, might be a little more likely.