What happens if I take out a home equity loan with no plans of paying my mortgage or home equity loan back?
October 14, 2008 - This way I will eliminate the $120,000 I owe on my 1st mortgage and grab $100,000 cash off the equity loc. They can have my house and ruin my credit for $220,000. This cannot be legal is it? I really wouldn't do this but my wife may.
- Fraud. Plus in this dates market, good-luck in getting it.
- It's because of people like your wife and banks that were stupid enough to approve a loan such as this that has gotten us the tax payers to the point of having to pay for your mistakes. (Bailout)...Be responsible, and do the right thing
- Yes, this is legal. Thousands of people are doing it. They are literally bankrupting the banks. Don't you watch the news? Of course they will come after their 220k after foreclosure.
It could be considered fraud. Depends on whether the banks will pursue it. In any event, if the house goes to foreclosure, the first mortgage can come after you for for the balance of what the house sells for and what you owe; and the equity line can also come after you. By that I mean judgments, wage garnishments, bank account seizuers and credit issues, all of which can affect your life for the next 10+ years (including getting a job, renting a place, etc.)
Your house will be confiscated, you and your wife's wages will be garnished, and you will end up paying a lot more than you borrowed with the accrued interest, late payment penalties, and court cost. And you will destroy your chance of ever buying a piece of properly or anything that requires getting a loan. Leave your wife before she does anything that stupid and drags you down with her.
- No matter what your intentions maybe it’s probably mute at this point; Good luck trying to get a bank to issue an Equity line of credit
It 'could' work...but, even if your Wife does it...you also are responsible! I'd say plan an out of Country move to a Country that doesn't have 'Extradition' Agreements/Treaties w/America.....You can live a NICE COMFORTABLE life! Can't be any worse that the SCREWING we are getting from bushit & congress....for $700 BILLION Dollars!
Knowledge Base: Mortgage
Is there a reverse mortgage available for people less than 62 years old?
October 19, 2008 - Category: Mortgage
i am a us homeowner. instead of refinancing, i wanted to explore the possibility of a reverse mortgage. all i have seen so far is that this is only good for homeowners aged 62 or more. is there a company that provides reverse mortgages for those younger than 62?. have
reverse mortgage available people 62... »
How much equity is needed for a reverse mortgage?
October 19, 2008 - Category: Mortgage
i am looking into getting a reverse mortgage for my father. he lives in the miami, florida area. about a 2 years ago he refied and i want to know whether or not he will be qualified because of the last of equity. the maximum allowable for a reverse mortgage
much equity needed reverse mortgage »
Reverse mortgage?
October 19, 2008 - Category: Mortgage
i have found there is a ton of misunderstanding around reverse mortgages. 1. what do you think a reverse mortgage is? 2. how do you think it works? 3. why do you think it is good / bad? you must answer all three to be considered for best answer. reverse
Reverse mortgage »
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