Legal Question in Real Estate Law in Illinois

Re: Kosher or Not:: Can This Be Done?

Short reply: This sounds like a scam.

Longer reply:

First concern: If the W2's and employment verification are legitimate--that is, they reflect actual employment and actual wages received by you--you are fine. If they do not reflect reality in any way, you are committing mortgage fraud, do not collect $200, go directly to jail. Seriously. Big fines, big prison sentences. Google "mortgage fraud" and see if you would like being involved with that crowd.

Second concern: I assume you mean you will be quit claiming your interest in the property to the investor. This will serve to violate the due on sale clause of the mortgage, allowing the lender to demand all the money due immediately. It is also a very, very bad idea, since you will no longer have ownership of the property, but you WILL still be obligated to repay the loan.

Third concern: "Seasoned investor?!" If he or she was really that "seasoned," your credit would be absolutely unnecessary. Open an account together? I cannot imagine what purpose that would possibly serve, except to separate you from your money in the simplest and quickest manner possible.

The fact that you refer to it as "quick claim the deed" leads me to believe you may be rather inexperienced, and need a bit more advice than this forum can provide. Find an experienced real estate attorney. I would suggest someone NOT referred to you by the "seasoned investor."

So to answer your question, no Rabbi was in the room when this transaction was created.