The financial world we live in is just as wild, if not more, than the mountains and woods we walk through. We are told that the fundamentals of our economy are strong, but we can feel that something is wrong. My unique financial background and survival passion make Financial Survivalist and excellent place to learn and share.

Thursday, December 8, 2011

Why Suze Orman is an Epic Fail: Real Estate Fraud


I'm traveling for business, and as I was checking into my hotel when I noticed a Suze Orman interview. The title on the screan was "Smart Money." I laughed pretty hard.

For those of you who regularly read my blog, you may be familiar with "Why Dave Ramsey is an Epic Fail: Mortgage Fraud" and "15 Year Mortgage. Well, I actually have more respect for Dave than Suze. I think Dave does more good and helps more people with serious financial problems. Suze on the other hand is so bad I can't even stand to watch or listen.

I remember one time I was bored, I mean really bored, and watching Suze. I was getting so angry my wife made me turn it off! The worse thing I have ever heard or seen her do was advise someone to commit mortgage fraud.

The caller called in and said they were going to have to short sale their house. Suze told them to get a friend or family member to put in a short sale offer. Then, after the friend or family member closed on the home, the caller could buy it back from them for what they paid.

Sounds great, right? Wrong. I have seen some pretty questionable real estate deals, but this one tops the chart. It's actually pretty common and that is exactly why most lenders put a clause in their contracts.

This is called and outside third part agreement. Not only is it dishonest it is illegal. This kind of deal, if discovered, can have serious consequences. I'm not a lawer, so I don't want to go into the exact consequences, but it's not good.

The point I'm trying to make is though it seems like a good plan, it is really bad advice. I hope the caller didn't go through with this, and I hope they didn't go to jail. Unfortunately, because Suze is an "entertainer" and her show includes a disclaimer, she cannot be sued. Yes, Suze cannot be sued.

Before you take anyone's advice, even mine, educate yourself. Do your own research. The worse thing you could do is make a financial decision blindly.

Be Smart and Thrive

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