Is this Shady to by A Quick DEED

[Administrator]

Ok, i am young and trying to create finnacial wealth and stability. I have a friend who did this process through a investment company. He told me that i can do the same, and what he did was , the investment company said that they would turn over a 62,500.00 house over to me free and clear with no leins. Now , in return he said that i need to go get a loan from BANK OF AMERICA ( E.G.) He told me that i would need to seek a home equity loan and that they would give me a 80 percent home equity loan ( 50,000) with rates that i have to pay monthly like 390.00 Then once you received the 50,000. , you give the investment group 43,000.00 of hte money for the home . They will give you 7,000.00 of the money upfront for you to do whatever you wanna do with it Then he says you can sell the house in a year or so and get the equity that is in it out if you dont want to continue living in it. He said so far he has done this three times. Making 21,000.00 off of all three properties . How real is this and what are the stipulations ? Thanks for the time - JaMike


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(Source: mortgagefit.com)