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From: rudy@wang.UUCP (Rudy Bazelmans x72609 ms 1989)
Newsgroups: net.invest,net.consumers
Subject: Re: Re: "No Money Down" (Other People's Money) Scam
Message-ID: <748@wang.UUCP>
Date: Fri, 3-Jan-86 08:06:55 EST
Article-I.D.: wang.748
Posted: Fri Jan  3 08:06:55 1986
Date-Received: Sat, 4-Jan-86 07:19:29 EST
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Organization: Wang Labs, Lowell MA
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Xref: linus net.invest:987 net.consumers:3296

> Some other inconsistencies: what about the cash advance charge?  When
> you get a cash advance, don't you have to pay 1.5% of the advance as
> an advance charge?  That adds up to $3000 in fees.  

The credit cards mentioned did not have an advance charge nor did they have
an annual fee.

> Oh yes, he figures on financing the house at 90% of the appraised value
> of $200,000.  But he just bought the house for $150,000, and the house
> is going to have to be appraised for the loan, and if it just sold for
> $150,000, the appraisal isn't likely to be for $200,000.

Not true, $150K was the discounted cash price.  It could still be be appraised
for $200K.