Q. I've come into contact with some people involved with creative real estate investing. Their company usually goes after people who are close to foreclosure and are eager to sell their homes. This investment company would use me as the "buyer" of the home but I wouldn't use any of my own money. They would even put the necessary amount for the down payment in my account so that I would be approved to buy the house. The seller would be required to take $65,000 from the equity to pay for $50,000 worth of repairs and $5,000 to me. The remaining $10,000 would be used by the investment company to make the first year of mortgage payments on the home. At the end of the year I would sign the house back over to the company, which would sell it. Should I do this?

A.No. You're being sucked into a type of real estate scam known as equity skimming.

Even though these schemes come in many shapes and sizes, the outcome is always the same: The bad guys get their hands on a significant amount of cash and disappear.

They never rebuy the house and the victims -- that would be you -- are left to pay the mortgage and taxes on a dilapidated property that's worth far less than they owe.

In many cases the sellers are part of the scam and bank fraud is committed because the homes are grossly overvalued in order to obtain a bigger loan, and as much money as possible, for the crooks to make off with.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.