Is it legal for my realtor to loan me the money for my home purchase?

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My realtor is holds me second mortgage on my home loan. is that even legal.

  1. Reply
    Mary B
    May 15, 2011 at 12:32 am

    No, it’s not, and no bank is going to allow that.

  2. Reply
    L L
    May 15, 2011 at 12:47 am

    It is not new in the industry to have the case like you mention. Mortgage can be many type individual or entity, regulated and private organization.

    As long as they met the state and federal requirement, such as it is done in proper procedure and not exceed the interest rate allowed.

  3. Reply
    Lloyd B
    May 15, 2011 at 12:50 am

    That’s a question that I would DEFINITELY be asking my local real estate commission!

    Of course, the legality can depend on what country you are in, but it is a dubious practice at best.

  4. Reply
    May 15, 2011 at 1:46 am

    why not?

  5. Reply
    john e
    May 15, 2011 at 2:04 am

    It is OK, but you do realize that he is probably making a commission on the deal, and that he may be making a commission on the loan, and, of course, interest on the money loaned. He will disclose this to you.

  6. Reply
    Bob D
    May 15, 2011 at 2:28 am

    Not legal; and dont do it. You and the realtor can go to jail.

  7. Reply
    robert w
    May 15, 2011 at 2:32 am

    Michael ,
    u need to back out of this as fast as u can.!
    u don’t have the money to buy – u don’t buy.
    u get foreclosed on sooner than u think.
    rent an apartment. this a bad deal.

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