Refinacing a mortgage on secondary home.?

It looks like to refinance a secondary home because of the housing market is so bad turns out to be very popular. However, there are regulations involved on different type of loans. Bottom line is high risk on this kind of loan. A loan officer told me, I can sell the secondary house to my son or relatives and still can get the loan approved. Question I have is 1.) Is it legal? 2.) My son is still in college, does not have income, how can he qualify a mortgage loan? The loan officer told me, they can do it, first to make my son the buyer of the house, then title the house back to my name. In between, I can get some cash out. Is this possible? Would like to get some opinions from those have more experiences in this refinance business.

We signed our papers on June 28th. The loan was funded today. How soon until my old loan is paid off and when will I receive a check.
We did not get a check when we signed. We were told we would get a check when they had the final payoff figure and kew how much would actually be due. It was a refi with the same company.

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