What happens if I take out a home equity loan with no plans of paying my mortgage or home equity loan back?
Tags:loc, mortgage,
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This approach we will discharge a 0,000 we owe upon my 1st debt as well as squeeze 0,000 money off a equity loc. They can have my residence as well as hurt my credit for 0,000. This cannot be authorised is it? we unequivocally wouldn’t do this though my mother may.
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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!
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
Fraud.
Plus in this dates market, good-luck in getting it.