Hi all, I am currently a loan officer with a mortgage bank in NYC.?

Written By: admin on September 13, 2009 No Comment

But, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate small sales N buy these properties in distress. They offer a 2% finder’s fee of the settlement price reached through negotiations with the bank on deals up to 0,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who’s 4 months behind on her mortgage N facing foreclosure. So I get all the client’s information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the small sale. Upon reaching a settlement price of lets say 0,000 I receive a check for ,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?