Open Question: Meridian Home Mortgage?

However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder's fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such:
I am cold calling my mortgage leads, N I come across a client in NY who's 4 months behind on her mortgage N facing foreclosure. So I get all the client's information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000.
Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?

Open Question: My mortgage is about to increase due to an adjustable rate, is there anthing I can do to avoide this?

The problem is that 2yrs ago I made the mistake of getting a loan for my sister who did not have any credit. She wasn't able to pay the mortgage and now the house is under forclosure. The adjustable rate increase is on a condominium that I am leasing out, not on the house that is under foreclosure I have always kept up with my payments and was unaware of my sisters defult on the mortgage until recently. My question is: Is there anyway that I can stop or atleast postpone this increase eventhough I am in forclosure status on another property? I can't afford this increase right now, I am only 24yrs old in college and don't have any savings to help me out thru this dilema. Any advice would be sooooo greatly appreciated.

Open Question: buying a home in this market?

There are so many foreclosure and for sale signs in my immediate neighborhoos .. folks are tring to get to get out of mortgages they can no longer afford. i was wondering if this is actually agood time to buy properties? since the prices seem to be a little cheaper and buyers want to unload at almost any price. is it worth taking a financial hit now and hoping to resale later?

Open Question: I have a conv. loan & a 2nd mortgage should I go for a Va and combine both mortgages?

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