Help Feeling Sketchy

[Derek Chiasson]

I think I'm being scammed I'm supposed to close on a house with tons of equity in Holbrook MA but it seems a little sketchy to me now He's a hml asking for a 1% insurance fee is this normal If there is anyone else interested in funding I'm running out of time Thanks

[Jay Hinrichs]

@Derek Chiasson  sorry to say but dead give away to a scam.. there Is no such thing as a 1% insurance fee.

You must have hazard insurance in place prior to closing... but if they are saying you buying some sort of insurance to protect the lender from default.. then your being scammed.

A common one is to buy some phony policy from a company in Thailand they usually try to get 3 to 5k out of their victims for this one.

Send me a PM I will help you through it.. I have been loaning hard money for going on 30 years.. not the end all be all.. but I do know whats common in the industry... I am not interested in lending on this deal.. just help you not get screwed by this person or company