Legal Question in Business Law in Minnesota


We have been dealing with a mortgage broker on refinancing our home. He is doing a debt consolidation mortgage. The question is this. He says there is an amount of 14000 left, since they cannot give us the cash out he wants us to get someone to say we owe the debt, then have that person give us the cash out. Isn't this a form of fraud? Shouldn't we just walk away from this broker? Or is this legal? We need to know quickly before we sign any final documents.

Asked on 7/24/01, 11:32 am

1 Answer from Attorneys

Maury Beaulier612.240.8005 Minnesota Lawyers

Re: Fraud?

It is fraud and illegal. In most states defrauding a financial institution is a felony.

Walk away.

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Answered on 7/24/01, 12:22 pm

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